You want to swap coins without uploading an ID. That is possible. But “no KYC” does not mean “no checks”. This guide explains what KYC is, what a no-account swap asks for, and when a check can still happen.

What is KYC in crypto?

KYC stands for “know your customer”. It is how a business finds out who its customers are. It is part of the rules against money laundering and terrorist financing.

The global standards for these rules come from the Financial Action Task Force (FATF). FATF calls the process customer due diligence. It has four parts:

  1. Identify the customer. Verify who they are with reliable, independent documents, data or information.
  2. Identify the beneficial owner. This is the person who in the end owns or controls the customer, or the person a transaction is made for.
  3. Understand what the business relationship is for.
  4. Keep checking the customer’s transactions. Where needed, this includes the source of the funds.

FATF says crypto businesses need to take the same measures as financial institutions. That means customer due diligence, keeping records and reporting suspicious transactions. FATF calls these businesses virtual asset service providers. Its definition includes a business that exchanges one crypto asset for another on behalf of its customers.

FATF also asks these businesses to collect, keep and securely pass on information about the sender and the receiver of a transfer. This is known as the travel rule.

When checks are due under the standards

The FATF standards list the moments when customer due diligence is required:

  • when a business relationship starts, for example when you open an account,
  • for a one-off transaction above a value set in the standards,
  • when there is a suspicion of money laundering or terrorist financing,
  • when the business doubts identity data it already holds.

If a business cannot finish these checks, the standards say it should not open the account or carry out the transaction. It should also consider filing a suspicious transaction report.

This is why a platform with accounts often asks for an ID when you sign up. But opening an account is only one of these moments. So “no account” and “no checks” are not the same thing. A service can skip the signup and still stop a swap for a check.

What “no KYC” means on HiddenSwap

On HiddenSwap you do not sign up. We do not ask for your name, your email or an ID document to start a swap.

We ask for two things:

  • the address where you want to receive your new coins,
  • a refund address, if you want to give one.

You get an order ID. It is the only key to your swap. Save it. You need it to follow the swap and to contact support.

A swap still leaves a record. We keep the order ID, the coins, networks and amounts, the deposit, receiving and refund addresses, the transaction hashes, and the order times and status. We do not keep your name, your phone number or IP addresses in swap records. The full list is on our page about what we keep and what we do not keep.

There is no account, so there is no balance that holds coins for you. Your deposit goes to an address controlled by our liquidity partner until your new coins are sent.

How a crypto-to-crypto swap works

A swap turns one coin into another. Both sides of the swap are crypto. Here are the steps:

  1. Choose the coin you send, the coin you get, the amount and the rate type. The amount you get already includes all fees.
  2. Paste the address for your new coins. You can also add a refund address.
  3. The order page shows a deposit address, the exact amount and the network.
  4. Send the exact amount in one transaction from a regular wallet. Deposits sent from smart contracts are not processed automatically.
  5. Our partner confirms the deposit on the network, swaps the coins and sends them to your address. The order page shows each step.

Take Bitcoin to Monero as an example. You send BTC on the Bitcoin network and get XMR at your own Monero address. The page to swap Bitcoin to Monero shows the current estimate and what to check on both sides.

With a floating rate, the final rate is set when the network has confirmed your deposit. So you may get a little more or a little less than the estimate.

Why screening and holds can still happen

No ID to start does not mean no checks at all. Every deposit is screened automatically. Addresses and transactions are checked against sanctions lists and blockchain risk data.

Sanctions lists can name crypto addresses. For example, the Office of Foreign Assets Control (OFAC) in the US Treasury can add digital currency addresses to its sanctions list. OFAC says these address listings are not likely to be complete.

Screening is possible because blockchains like Bitcoin are public. The bitcoin.org website says every Bitcoin transaction is public, can be traced and is stored for good. So the history of the coins you send can be checked.

Some swaps are put on hold. This can happen when:

  • screening flags the deposit,
  • there is a report of fraud or stolen coins,
  • the law requires a check.

If this happens, the order page says “On hold”. Contact support with your order ID. You may be asked to verify your identity and where the coins came from. For Monero, you may be asked for a spend proof.

A hold can end in three ways. If you verify, the swap continues. If you decline, the coins are normally refunded to the address they came from, minus network fees. If there are signs of illegal activity, the coins can stay frozen. Our Risk and screening page explains each step.

Getting Monero does not change any of this. Monero hides the sender, the receiver and the amount of its transactions by default. But the Bitcoin you send stays visible on the Bitcoin chain. The operator of a remote Monero node can also see the IP address a transaction comes from. Read how Monero privacy works and what it does not hide before you rely on it.

Local rules differ

FATF sets standards, but each country writes its own laws. FATF says some countries have started to regulate crypto businesses. Others have banned virtual assets altogether. Most countries do not have effective rules yet. The standards also let a country require a service that serves people there to register or hold a license there. Rules can change.

So the same swap can be treated differently depending on where you are. Before you swap, check:

  • whether crypto swaps are allowed where you live,
  • whether a service like this may serve people in your country,
  • what your tax rules say about swapping one coin for another.

You may not use HiddenSwap if you are in a sanctioned country or region, where crypto swaps are not allowed, or where our partner does not offer its service. Where the law requires it, you may be asked to verify your identity. Our Terms ask you not to use any tool to hide your location to get around these rules. We do not report or withhold taxes for you.

This guide is general information. It is not legal or tax advice.

How to swap safely

  • Receive to a wallet you control. Paste the full address and check every character. The form checks the format only. It cannot tell whether the address is yours.
  • Match the network. Send only the coin and the network shown on your order. Coins sent the wrong way can be lost.
  • Send the exact amount in one transaction. Do not split it. Never send to the deposit address of an old order.
  • On Bitcoin, a higher fee can help your deposit confirm sooner. A fee below what the network is currently prioritizing can make the first confirmation take much longer. A floating rate can move while you wait.
  • If you send from an exchange account, add a refund address from your own wallet. A refund to the exchange’s sending address may not reach you.
  • That exchange account may ask where your coins are going, because of the travel rule. Answer truthfully. The deposit address is controlled by our liquidity partner. It is not your own wallet.
  • Save your order ID and follow the swap on the status page. A deposit can take some time to show there. Do not send twice.
  • Check that you are on the real HiddenSwap website. We never ask for your seed phrase, private keys or passwords. We never ask for a payment to release a normal swap.
  • Only send coins that belong to you and come from a lawful source.

So, is there a crypto exchange without KYC?

Some services let you swap without an account or an ID upload. HiddenSwap is one of them. But no account does not mean no screening. HiddenSwap screens every deposit, and a swap can be held for checks. The rules where you live decide what applies to you.

When you are ready, start a no KYC swap on HiddenSwap with no account and no email.

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