Anonymous is a revolutionary feature never existed in any currency until bitcoin was invented. No more bank counters, no more residence proofs, no more tracking on the banknote serials… Bitcoin brings currency back to currency again – bitcoin transactions can be reliable and anonymous at the same time! However, there are bitcoin haters because bitcoin is decentralized. The KYC verification, originally for banking, is adopted by some bitcoin exchanges nowadays. Whatever, being checked will not make you comfortable, right? Is there any bitcoin exchange that executes no KYC verification?
It is not easy to find one, according to the 2019’s Q3 Cryptocurrency Anti-Money Laundering (AML) Report published by CipherTrace, ⅔ of the top crypto runs compliant KYC procedures, though the policies of the rest are not very clear but KYC actually exists.
During my investigation, a bitcoin exchange called Bexplus comes to my view as it clearly states a No-KYC policy in its official site.
The registration headquarter of the company is registered in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines does not have any specific legislation to regulate cryptocurrencies. When comes to its operation offices, in their Work With Us page, Bexplus may run offices in Hong Kong, London, Nevada, London, Rio de Janeiro, and New Delhi.
More importantly, Bexplus accepts users from the USA. They only suspend services to these countries: China/Cuba/India/Iran/North Korea/Spain.
Bexplus provides a 100x leveraged trading tool which means only a 1/100 BTC margin is required to open a 1 BTC position to long/short crypto futures. If predicted wrong, the worst case is to lose 1/100 BTC to close a position. If predicted right, the best case is to earn profits out of the 1 BTC position. It’s a little risky during horizontal price movement times but when fluctuation happens, it is a tool to take revenues from the market.
Now, let me share how I tested Bexplus’ no-KYC policy.
The first step is to check what materials they ask to register. Bexplus provides a one-step registration form which only requires my email to set up a full-function trading account. A nickname and an email verification are all I provided to the site and I access all pages without any warnings.
The second step is to deposit. Bexplus provides a direct and independent deposit address which is without any transaction records, see an example:
The third part is to check the withdrawal procedure. I deposited at their minimum requirement of 0.001BTC and withdraw on the same day. No one came to ask me anything, it feels like a crypto ATM! (Update: I have made a withdrawal test 2 days later – deposited 1 BTC and withdrew it on the same day and still no one came to request anything. Please think twice if you want to test a higher deposit at your own risks.)
Besides these above, I created multiple accounts and do the same experiments to verify if it is a single case or generally applied. All my accounts are live as of today.
The conclusion is – Bexplus executes a No-KYC policy and they keep themselves in distance from you to respect your rights of being anonymous. But they’re not doing anything, Bexplus accepts and processes the withdrawal request very quickly.
If you are finding a crypto exchange that executes zero KYC verification, Bexplus has my score 5.0 of 5.0 of this part.
If you are looking profitable trading tool with privacy better observed, Bexplus has my score 4.5 of 5.0 for its trading features, and I believe you will make more profits than me using a 100x leveraged trading tool.