The crypto market is built on the principle that anyone globally can access blockchain services. However, many crypto exchanges today restrict users in certain countries and regions from accessing these blockchain features on their platforms. Such actions force users to look for alternative crypto platforms or depend on virtual private networks (VPNs) to bypass regulatory clampdown, actions that often come with some drawbacks.
Imagine having a crypto exchange that is accessible to everyone regardless of location. That is what BYDFi brings to the table. Through its suite of products, the platform offers users the perks common to centralized crypto exchanges without requiring them to submit their personal details through a Know Your Customer (KYC) assessment. This way, users can maintain anonymity while enjoying their favorite crypto products.
This article dives into what BYDFi is about and how the no-KYC policy benefits everyone.
What is BYDFi?
BYDFi, known initially as BitYard, was founded in 2020 and rebranded to its current name in 2023, which stands for BUIDL Your Dream Finance. It is one of the fastest-growing crypto exchanges, offering advanced features, security, and a great user experience. It also makes crypto trading seamless for all participants, regardless of their skills or knowledge. The crypto platform has a mobile version (Android and iOS) and a desktop version accessible to users.
The crypto exchange offers over 550 cryptocurrencies to more than 500,000 users using its platform. Boasted as a crypto exchange adopting a no-KYC policy, BYDFi is accessible to users across over 150 countries and regions globally. These countries include those restricted on other crypto exchanges, such as the United States, Canada, and the Netherlands.
While BYDFi brings a no-KYC policy into its ecosystem, it also requires users to undergo KYC to increase their deposit and trading capacity. Even U.S.-based investors can submit their credentials to pass the KYC test.
Trading functionalities are among BYDFi’s products and services. They include access to spot trading, crypto derivatives, leverage tokens, trading bots, and copy trading. Users can fund their accounts through peer-to-peer (P2P) trading or payment solutions like Mercuryo, Alchemy Pay, Coinify, Banxa, and Transak. BYDFi also has a credit card that can be applied through its app interface.
Users who trade on the BYDFi platform earn BYD points, providing additional ecosystem benefits.
BYDFi enhances user account security with Google Authenticator’s dual-authentication service, preventing unauthorized access and protecting users’ assets. All assets on the platform are stored offline in deep cold storage wallets, eliminating the risk of exploits and malicious attacks. Deposits and withdrawals also require multi-signature verification, adding a layer of security.
Four Benefits of BYDFi’s No-KYC Policy
Most crypto exchanges mandate a KYC process for users, requiring essential private data and background information. BYDFi’s no-KYC policy permits daily withdrawals of up to 0.5 BTC without KYC. KYC is only needed when withdrawing amounts exceeding 10 BTC per day.
That said, here are four reasons why BYDFi’s no-KYC implementation is beneficial:
Advanced Privacy
BYDFi’s no-KYC policy allows users to trade cryptocurrencies securely while preserving privacy. Many crypto users value anonymity when trading on crypto platforms. It also saves users from undue attention on-chain, especially when performing large transactions.
Enhanced Accessibility
Most crypto exchanges, like MEXC, have banned users from specific countries and regions from accessing their platforms. Users often use VPNs to access these products and bypass strict regulatory laws. With BYDFi’s no-KYC policy, users worldwide can access the exchange’s services.
Faster Onboarding Process
When submitting personal credentials on various KYC-enforced exchanges, users must wait until their details are verified before accessing the exchange’s services. Sometimes, users must attempt uploading their credentials multiple times before successfully uploading. Another delay comes when the exchange’s team takes hours or days to confirm the user’s details.
With BYDFi’s no-KYC policy, users can quickly register an account and begin trading activities. They can upload their KYC whenever they wish to upgrade their accounts.
Data Security
Hackers often exploit users’ data to facilitate malicious attacks. By not imposing a KYC process, BYDFi downsizes the risk of users falling prey to identity theft and data breaches, thereby strengthening their data security.
Conclusion
BYDFi is a centralized crypto exchange that has fused decentralization, anonymity, and security into its crypto-based products. Regardless of users’ location, they are guaranteed access to BYDFi’s suite of products.