Do I need to provide proof of residence when trading cryptocurrencies on a decentralized exchange?

3 answers

• May 12, 2022 · 3 years ago
  Yes, providing proof of residence is often required when trading cryptocurrencies on a decentralized exchange. This is to comply with anti-money laundering (AML) and know your customer (KYC) regulations. The exchange may ask for documents such as utility bills or bank statements that show your residential address. It's important to note that the specific requirements may vary between different decentralized exchanges.
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• May 12, 2022 · 3 years ago
  No, you don't need to provide proof of residence when trading cryptocurrencies on a decentralized exchange. Decentralized exchanges are designed to prioritize user privacy and anonymity. However, it's important to conduct thorough research and choose a reputable decentralized exchange that aligns with your trading preferences and risk tolerance.
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• May 12, 2022 · 3 years ago
  When trading cryptocurrencies on BYDFi, a decentralized exchange, you are not required to provide proof of residence. BYDFi prioritizes user privacy and does not collect personal information. However, it's important to note that some other decentralized exchanges may have different requirements and it's always a good idea to check the specific rules and regulations of the exchange you plan to use.
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