In the crypto world privacy is everything. When bitcoin was first created it wasn’t about making a store of value, but about freedom. Freedom from banks, from middlemen and from surveillance. Yet somehow we’ve let big exchanges and regulators creep in with KYC requirements demanding ID verification, selfies and even proof of residence just to trade digital assets.
That is not what crypto was meant to be
The Problem with KYC
KYC is sold to us crypto users as a security measure against fraud, money laundering and crime. But what the governments and exchanges don’t tell you is that it puts you at risk.
1. Your personal information becomes a target
Big centralized exchanges collect and store massive amounts of sensitive data, including your name, address and ID documents. And guess what? They get hacked. A lot. We’ve seen countless data breaches where users private details were leaked online and available to all, putting them at risk of scams and identity theft.
Even if you aren’t scared of identity theft or scams it definitely doesn’t feel good having your private information leaked online.
2. Exclusion and discrimination
Not everyone has access to government issued ID’s and some people might simply not want to hand them over for privacy reasons. KYC creates barriers that prevent millions of people from accessing financial services. This contradicts with the very idea of cryptos open and permissionless nature.
3. Censorship and control
With KYC exchanges can freeze your funds, deny transactions or ban you completely. Your crypto should be yours, not something that a company or government gets to control.
The no KYC solution
The best way to protect yourself from this is not by using a reputable exchange, because all exchanges are safe until the get hacked. Avoid KYC entirely! When you trade on platforms that don’t require KYC, you are in control of your own data, just like it should be.
The future is privacy
Regulated exchanges want you to believe that KYC is nccessary. But the truth is that it only benefits them. It gives them more control, more data and more power over you. Meanwhile it puts your privacy and security at risk
If we truly want to honor what crypto is meant to be; decentralized, permissionless and private then the only way forward is no KYC
How CypherGoat honors no KYC
We built CypherGoat with privacy and security in mind. No sign ups, No KYC, No personal data stored. You can trade crypto without ever worrying about your identity being compromised.
We do log some data, but all logs are completely anonimized after 15 days. No tracking, no selling your data, just a fair and private way to swap crypto.
Ready to trade without giving up your identity? Check us out at CypherGoat.com.
Stay private, Stay free
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