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Guide to Buying Crypto Without KYC Verification - Top 10 Platforms Included

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Interested in buying or selling crypto without KYC verification? The list of secure and creditable non-KYC exchanges gets narrower and narrower with every new year. What worked last year may no longer be a viable option today, as you might be asked for identification and other documents.

All because of governmental agencies, tax offices, new laws and regulations. All these things slowly crackdown on private crypto exchanges, pushing them to seek personal information from their customers and complying with all kinds of requirements.

But despite all these, there are investors and traders out there who stick to crypto for its anonymity before anything else.

That’s why we’ve gathered together the best crypto exchanges with no KYC requirements in the world. Some of them have no KYC at all, others have such rules after particular limits.

With these thoughts in mind, here's everything you need to know about buying, selling, or trading cryptocurrencies without being asked for every document you can think of.

Understanding KYC in Crypto Purchases

KYC in crypto is similar to KYC in banking. The exchange must collect some sort of information to make sure the customer is who they say they are. Officially, such procedures are in place to understand financial risks and possible activities.

While the process is normally quick and barely takes a few days, it’s considered a breach in the primary reason wherefore cryptocurrencies are so popular today. Privacy.

Some crypto exchanges relying on KYC rules collect data like the full name, date of birth, full address, proof of address, and personal identification numbers, which include info about income, work, taxes, and others.

There are specific KYC requirements for each country out there, some stricter than others.

Why is KYC Essential in Crypto Exchanges?

In theory, these procedures are in place to prevent financial crimes or money laundering. While they’re useful against those involved in crime, they also affect people who are simply trying to diversify their assets or make some money.

By making sure only verified users can join, KYC helps make the platform more secure and protects against possible dangers. KYC also shows users that the exchange is careful and trustworthy.

Taking all this info in consideration, it’s also seen as a privacy breach. There are older systems in place that are less strict than KYC.

Take the UK for example, where you can register as a self-employed individual and declare the income yourself without any solid checks. But when it comes to crypto, the government wants to know every transaction you make, rather than trust you.

The privacy and data breach isn’t the only issue with KYC.

Cryptocurrencies weren’t all about privacy, but also about decentralization operating principles. When centralized entities control all this data, the classic operating principles are no longer in place.

Top 10 Crypto Exchanges Without KYC

Popular crypto exchanges like Bitget or KuCoin (among many others) are now history in terms of KYC, since they’ve implemented mandatory verifications recently. Here are a few others that are still decentralized and won’t bother you too much with random documentation requests.

CoinEx

Coinex.png

CoinEx deals with over 600 investment tools, including cryptocurrencies. It offers various promotions and rewards, as well as low fees.

Fees depend on the VIP level and normally vary between 0.1% and 0.2% for spot fees.

Deposits are simple and straightforward. There are no maximum limits, but minimum limits, depending on the crypto. For example, you’ll need 0.001 BTC or 2.4 USDT. Deposits are free. Withdrawals come with fees, but they’re just as low. For BTC, for instance, the withdrawal fee is 0.0001 BTC.

CoinEx stands out with its unique trade matching system, which adds to the overall experience. Believe it or not, it normally takes up to 10,000 transactions per second.

Operates in North America, Europe and Australasia
No new customers have been accepted from the USA
Hundreds of coins
Numerous payment options

Pros
  • Super low fees
  • Spot, margin, and futures trading
  • Mobile app
Cons
  • May seem too sophisticated for newbies

dYdX

DYDX.png

dYdX offers access to over 120 cryptocurrencies. It’s mainly aimed at those with a bit of experience, offering advanced investment options in countries where they’re normally banned.

Given its non-custodial profile, dYdX has no KYC, but it’s restricted to users from the USA or Canada. Fees vary from one tier to another and normally range between 0% and 0.02%.

Deposits can be made through more cryptos, while withdrawals are either slow or fast, depending on your choice. Fast withdrawals are almost instant but come with higher fees.

dydX is a primary choice for seasoned traders, with up to 25x leverage for futures contracts. The whole operation is transparent and secure, making the platform look like a mix between centralized and decentralized exchanges.

Advanced derivatives trading
Connection to a non-custodial wallet
Over 120 cryptocurrencies
Multiple trading options

Pros
  • Low fees for most users
  • Lending opportunities for interest gains
  • Reduced transaction costs
  • ZK roll-ups
Cons
  • Limitations for margin trading pairs

PrimeXBT

PrimeXBT.png

PrimeXBT offers different types of trading for a few digital assets, with the main cryptos leading the game. Offering an intuitive interface and advanced tools, it’s a popular choice for both newbies and seasoned traders.

PrimeXBT doesn’t have any trading fees, so most people can trade for free. Spreads start from 0.1%, while many overnight swap fees are as low as 0%.

You can deposit crypto through your PrimeXBT wallet from an external wallet for free. As for withdrawals, you can only withdraw cryptos, no fiat currencies. A small mining fee will apply, but that’s insignificant.

Cypro margin trading is one of the elements making PrimeXBT stand out. It’s established in Seychelles, but has offices in a few other countries. It serves customers in over 150 countries.

Access to leveraged trading
Relies on CFD trading, not spot trading
Superior trading platform
Crypto futures

Pros
  • More asset classes
  • Easy to use interface
  • Advanced features
  • Massive daily trading volume
Cons
  • Less cryptocurrencies than other exchanges

Bisq

Bitsquare.png

Established in 2014 and originally known as Bitsquare, Bisq is a decentralized exchange that helps users interact and eases transactions. Unlike other exchanges, it mainly revolves around BTC.

In terms of fees, the BTC trading fee is set at 1.3%, with the taker paying most of it, 1.15%. The minimum fee is 0.00005 BTC.

You can make a deposit in over 20 different ways, including Advanced Cash, Alipay, MoneyGram, Revolut, bank transfers, and others, each with its own maximum limits. Funds can be withdrawn to a Bisq wallet or an external one.

While transactions are allowed in numerous currencies, Bitcoin must be used along each transaction, in any quantity. Furthermore, the exchange is known for easing the peer to peer connection between customers.

Fully open source build
Non-custodial profile
Escrow transactions
Decentralized arbitration system for disputes

Pros
  • Supports fiat and cryptocurrencies
  • Decentralized system
  • Easy to start
  • Solid security measures
Cons
  • All transactions requite Bitcoin along them

HODL HODL

HODL HODL.png

HODL HODL doesn’t hold people’s funds, meaning there’s no need for KYC. Funds traded are handled through an escrow service.

Fees vary, but they’re quite low. For example, trading fees for users are set at 0.5%. Users coming through referrals benefit from 0.45% trading fees.

There are nearly 400 payment options, but as you search for what you’re after, it may not be available in your country. So, options will be given based on the location. Fees are as low as 0.3%. Withdrawals are free.

HODL HODL is special because it has its own wallet, avoids token pumping and other similar activities, but also has a reputation for anonymity and security. It does require an email address though, but that’s an insignificant minus.

Simple interface
Supports Bitcoin exchange against fiat currencies
Multisig escrow contracts
Hundreds of payment options

Pros
  • Great fees
  • Self-custodial wallet
  • No security deposits for buyers
  • Peer to peer
Cons
  • Orders and information aren’t E2EE

PancakeSwap

Pancakeswap.png

Established in 2020, PancakeSwap has quickly become a top option in the decentralized exchange market, allowing everyone to list tokens if they have a liquidity pool in place.

There are minor maker or taker fees on PancakeSwap, 0.09% altogether, while the liquidity fee is set at 0.25%. Only 0.03% is taken by PancakeSwap, the rest goes to liquidity pools and CAKE buyback and burn processes.

PancakeSwap offers access to dozens of cryptos. USDT, APX, BUSD and CAKE are accepted for deposits, but you can also purchase crypto by card or bank transfers. Withdrawal fees may apply based on the time of your requests.

Other features worth some consideration include token swaps, an NFT marketplace, perpetual trading, lottery opportunities and staking, among many others.

Allows market maker integration
Active liquidity farming
More rewards and discounts for CAKE
High security standards

Pros
  • Easy to use interface
  • Full private key control
  • Staking allowed
  • Low fees
Cons
  • Limited to Binance Smart Chain

SimpleSwap

Simpleswap.png

With around 1,500 currencies (both fiat and crypto) on offer, SimpleSwap allows quick and easy transactions without even having to register an account. Therefore, there’s no need for KYC.

SimpleSwap is more appealing than other exchanges because of its simple interface. Set the crypto you’re interested in, how you want to buy it, put in the right addresses and you’re good to go.

Fees are calculated for each transaction individually. The system is not too transparent, but you'll know exactly what the fees are before completing the contract. Fiat deposits are charged less than 5%, though.

You can make deposits and buy crypto with cards, bank transfers, Apple or Google pay, but you can also use your own digital wallet with other cryptos.

About 1,500 cryptocurrencies to trade
Anonymous trading
Can use it with or without an account
Instant swaps

Pros
  • No registration required
  • Good customer support
  • Fixed and floating rates
  • Can buy crypto with fiat
Cons
  • No advanced trading tools

Changelly

Changelly.png

Changelly is normally an exchange that doesn’t require KYC. However, if a transaction is flagged as suspicious, the administration may ask for more details, which are similar to the KYC verification.

To use Changelly, you only require a non-custodial wallet. KYC could be required if you use Changelly to link or connect to another platform though.

Exchange rates can be fixed or floating. Fees for deposits are charged based on the method. They’re displayed once you pick a method. Exchange fees are included in the chosen rate. Changelly’s network fee is 0.25%.

Changelly allows payment options like most credit and debit cards, wire transfers, and Apple Pay, among others.

Has a mobile application
Professional tools may require KYC, but basic tools don’t
Partners up with around 20 different platforms for good rates
Works well with most non-custodial wallets

Pros
  • 24/7 customer support
  • No account is required for basic tools
  • Easy to use and entertaining mobile app
  • Cypro profit calculator
Cons
  • KYC could be required if something looks suspicious

TradeOgre

tradeogre.webp

TradeOgre lists around 150 cryptocurrencies, as well as a few stablecoins. It was established in 2008 and has a strong focus on privacy and anonymity.

TrageOgre is one of the few exchanges out there that won't impose restrictions on customers in the USA. In fact, the company is headquartered in Los Angeles, but it also has offices in New York City.

For trading, TradeOgre charges 0.2%. Fees also apply for withdrawals, but they’re calculated on the spot based on the crypto and amount.

As for payment deposits, you’ll find it difficult to buy crypto with your card or by bank transfer. At the moment, TradeOgre doesn’t accept fiat currencies.

Accepts customers in the USA
Cryptocurrencies and stablecoins
Suitable for new and advanced crypto users
Doesn’t accept fiat currencies

Pros
  • Access to altcoins
  • Straightforward interface
  • Good security methods
  • Easy to use
Cons
  • Customer support is limited

OpenPeer

OpenPeer.png

The decentralized exchange is built like a platform to allow P2P transactions between users. There are no intermediaries whatsoever, so users are in full control of their money.

OpenPeer relies on a smart contra-based escrow, enhancing the users' control over their finances. It offers promotions and rewards as well, mainly to add to its popularity. After all, compared to other exchanges, it's considered relatively new.

P2P fees are set at 0.3%, pretty average for this category. It supports both fiat and cryptocurrencies for payment options.

In terms of KYC, such requirements don’t exist, yet they depend on the country. In some countries, you may have to complete KYC verifications no matter what exchange you use.

Allows trading from self-custody wallets
Works well for traders in emerging markets
Supports numerous payment options
Suitable for P2P trades of any size

Pros
  • Low fees
  • Allows earning rewards
  • Accepts fiat currencies
  • Dapps and games
Cons
  • Restrictions for the USA and a few other countries

Selecting the Best Crypto Platform Without KYC

There are a few general things to pay attention to when choosing a crypto exchange with no KYC.
  • Security and regulation, like cold storage wallets or encryption protocols.
  • Reputation, which can only be determined through reviews.
  • Supported assets only to ensure they match your needs.
  • Liquidity refers to the possibility of exchanging crypto without affecting its price too much.
  • Fees, so you know what you pay upfront.
  • Interface, to ensure you can use it without making mistakes.
  • Customer service, in case you’re in need.
Double check upfront to ensure you use a crypto exchange without KYC if you’re mainly focused on privacy and anonymity.

Popular Cryptocurrencies That Don't Require KYC

Different exchanges have different cryptos, fiat currencies, or pairs you can rely on. Bitcoin is still the most popular crypto out there, followed closely by Ethereum. However, the list is longer:
  • Tether
  • BNB
  • Solana
  • USD Coin
  • XRP
  • Dogecoin
  • Toncoin
  • Cardano
  • Shiba Inu
  • Avalanche

Risks of Buying Crypto Without KYC

Privacy, quick access and security are the main reasons wherefore people prefer to buy crypto from exchanges with no KYC requirements. However, there are also a few risks here and there.

The good news is these risks are less likely to affect the consumer. Most exchanges use an escrow service or use P2P transactions, simple as that.

Risks are more likely to affect actual exchanges, the industry or perhaps the dark industry, meaning anonymous people could use crypto to fuel crime activities, which you’re less likely to control as a user anyway.

Other than that, there are a few things worth some consideration:
  • Non-KYC exchanges aren’t regulated.
  • Liquidity is usually lower.
  • There are possible risks like falling for scams if you’re not careful.

Buying Bitcoin in a P2P Crypto Exchange Without KYC

Bitcoin is the first and most popular cryptocurrency out there, so pretty much every exchange out there implements it, meaning you can buy, sell or trade it on any of the above mentioned platforms.

In fact, Bisq actually revolves around Bitcoin, being the only P2P crypto exchange with no KYC in the list that requires Bitcoin for each transaction.

Given the fact that there’s no KYC, the platform ensures a high level of privacy, while users have full control over their finances.

Buying Crypto with Credit Card

Many exchanges allow buying crypto with credit cards, as well as debit cards. The process is similar to shopping online. You'll need the number, expiry date and verification code at the back. Such details must be entered on the checkout page. If that's your preferred option, make sure the exchange allows it.

When using a crypto debit card with no KYC service, anonymity is slightly affected. While the exchange may not require KYC verification, the truth is you’ve already done it for your debit card. Therefore, anonymity is reduced.

Tips for Bypassing KYC Regulations


Bypassing KYC regulations goes in more directions, legal or illicit.

Crypto Exchanges Without ID Verification, the Legal Way

Using crypto exchanges without ID verification is the way to go. They offer non-custodial services, so they don't need to verify you. It's a legal way to buy or sell crypto without worrying that your account could be locked for breaking the rules.

Going Down the Illicit Way

In the attempt to bypass verifications on more reputable exchanges, people often rely on innovative solutions like fake IDs, fake biometrics (such as AI generated content) or VPNs. VPNs are legal, but not when used with illicit purposes.

None of these is worth the risk of getting your account locked when you can bypass KYC verifications the legal way.

Legalities and Safety of Non-KYC Exchanges

Non-KYC exchanges are legal but not regulated. This means no one knows who's trading on them. If you're naive enough, you could fall for a scam, hence the necessity of being cautious.

Centralized exchanges are in full control of your money, so you could get your funds blocked out of nowhere. That’s why a decentralized exchange is usually a better option.

Given the low liquidity in trading, market volatility is higher, and prices can be manipulated more effectively.

In theory, non-KYC exchanges are perfectly legal, but you have to be more careful because they come with more risks than regulated exchanges. That’s the price you have to pay for anonymity.

Ensuring Privacy When Buying Crypto Without KYC

Despite the concept behind cryptocurrencies, Bitcoin isn’t 100% anonymous, but there are things you can do to enhance its privacy.
  • Buy Bitcoin with cash from Bitcoin ATMs, if any, in your area or from friends.
  • Non-KYC exchanges are anonymous, but you shouldn’t use cards or bank transfers, which are linked to you, ruining the whole concept.
  • Browsers like Tor ensure a higher degree of anonymity, yet a VPN could be just as handy.
  • Utilize P2P exchanges like Bisq that facilitate direct transactions between buyers and sellers without the need for KYC verification.
  • Use coin mixing services like CoinJoin or Wasabi Wallet to mix your cryptocurrency with that of others.

Bottom line, anonymity is inconvenient and convenience isn’t anonymous. You’ll need to determine how far you want to sacrifice in order to enhance anonymity.

Some people use non-KYC exchanges to bypass unnecessary restrictions. Some others do it for their own peace of mind. No matter why you need it, there are steps you can take to get there, and a non-KYC exchange is one of them.
 
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Thanks for the article always good to see promotion of non-KYC services.

Everyone can agree Bisq for example is a non-KYC decentralized choice however Changelly in particular is very much KYC-oriented (deposit first and only then asked for docs to complete trade).

From the official Monero reddit page (https://www.reddit.com/r/Monero/wiki/avoid/#wiki_exchanges)
Do not use the following exchange(s).
I very much agree Changelly are absolute trash to use if you want non-KYC.

About Tradeogre once again from the same reddit community
r/Monero • 10 mo. ago
tomatopotato1229

Might want to avoid Tradeogre​


Withdrawals in "maintenance"/disabled for over a month for KAS. Not strictly XMR-related obviously, and I realize it's best to avoid CEXs to begin with, but I remember Tradeogre being suggested here when I was first discovering Monero as a quick and dirty avenue of acquiring some without KYC. It's also listed with a rating of 8/10 currently on kycnot.me. If they're not reliable for a pretty big crypto like KAS, it's probably best to beware for others also.
https://old.reddit.com/r/kaspa/comments/16jt20e/massive_kaspa_discount_ontradeogre_no_withdrawals/
https://old.reddit.com/r/kaspa/comments/15s90iz/is_there_any_limits_on_tradeogre_withdrawal_i/

Edit: Seems like some people are offended at me bringing up KAS. KAS is not the point. If it can happen to a 1B Mcap coin, regardless which one, it can happen to Monero. The point is to protect yourself and always be skeptical of CEX, especially ones that halt withdrawals, yet still accept deposits for a coin that remains miraculously underpriced vs. other exchanges, and uncorrected by arbitrage.
While I don't share those experiences about Tradeogre (no issues personally) all of this is good to keep in mind when making decisions.

For those who haven't read the topic and replies as to why it is a bad idea to use a mixer Which tools can track Bitcoin transactions and identify if they're received on Kraken, Binance, or CoinGate?

Another note worth mentioning is Tether,USDC can freeze your wallets whenever they want for whatever reason are doing so on a daily basis. BNB is a regulated coin too which can be frozen. DAI used to be the only option for a decentralized stablecoin not subject to freezing however they are going down a fucked up path as well.
 
Another note worth mentioning is Tether,USDC can freeze your wallets whenever they want for whatever reason are doing so on a daily basis.
Yes, but it has to do with low-trust individuals and "agent provocateurs":
What happens when Tether “freezes” your Tether? Stablecoin issuer Tether has been going on a wallet “blacklisting” spree of late, but what happens if your USDT gets “blacklisted” even though you’ve not done anything wrong? What’s your recourse?

PS. My competitor can buy from me, and once they take possession of the goods, they could report my account (they would know it) as a scam. This is the MAIN reason the Chinese authorities are telling their suppliers to exchange the USDT for ¥ right away. An employee of a huge reseller in the US (a publicly traded company I buy from) confessed to me (I didn't ask...he spoke too much) that they do that to cut off supply from the Chinese to force their buyers to buy from them instead of the Chinese. :oops:
He doesn't know I purchase from the Chinese AT ALL! I volunteer no info and I deny, deny, deny! ;)
 
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Yes, but it has to do with low-trust individuals and "agent provocateurs":
What happens when Tether “freezes” your Tether? Stablecoin issuer Tether has been going on a wallet “blacklisting” spree of late, but what happens if your USDT gets “blacklisted” even though you’ve not done anything wrong? What’s your recourse?

PS. My competitor can buy from me, and once they take possession of the goods, they could report my account (they would know it) as a scam. This is the MAIN reason the Chinese authorities are telling their suppliers to exchange the USDT for ¥ right away. An employee of a huge reseller in the US (a publicly traded company I buy from) confessed to me (I didn't ask...he spoke too much) that they do that to cut off supply from the Chinese to force their buyers to buy from them instead of the Chinese. :oops:
He doesn't know I purchase from the Chinese AT ALL! I volunteer no info and I deny, deny, deny! ;)
a little bit more of this and the move to bitcoin will be made.
Such behavior cant be done there.

Id think of accepting it but hedging the downside or taking loans if down while incorporating the related cost.
 
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What happens when Tether “freezes” your Tether? Stablecoin issuer Tether has been going on a wallet “blacklisting” spree of late, but what happens if your USDT gets “blacklisted” even though you’ve not done anything wrong? What’s your recourse?
You trust what they publish on medium.com ?

As long as you keep your USDT / Tether account a secret and not share it with anyone else than an exchange you should not be able to be a victim of such praxis you describe.
 
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As I understand from numerous posts about Tether/USDT and USDC, many people believe that there is a risk of having their wallet frozen!

Okay, but if you want to be sure that what you have today will still be there tomorrow and you don't want to deal with the wild fluctuations that Bitcoin, Ethereum, and most cryptocurrencies have, what should you keep your money in?
 
What are you doing then, today you have 64K$ worth in Bitcoins, tomorrow Trump makes something stupid or Israel through a A-Bomb into Pakistan and Bitcoin is dumped to 50,000$ now you made a loss of 14K - but you had plans to buy something for 64K and can't ?

This won't happen to me because I could easily supplement with 14K without any issues. But what about those who read this and gamble their savings on Bitcoin, only having that money? If they suddenly need the funds and Bitcoin has dropped by 5-10K, they would be in a difficult situation, wouldn't they?
 
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You trust what they publish on medium.com ?

As long as you keep your USDT / Tether account a secret and not share it with anyone else than an exchange you should not be able to be a victim of such praxis you describe.
You missed the point!

Let me explain better...

  1. I sell to company "Venezuela" owned by Mr. Venezuelan.
  2. Mr. Venezuelan has 800 employees.
  3. I sell & deliver 2000 units of the Huawei Mate X5 5G 7.85" OLED 512 1TB Kirin 9000S 50MP 5060mAh Foldable to company "Venezuela."
  4. Company "Venezuela" pays me 1000 * 600 = 1.2M in USDT.
  5. The "cabal" sends their "economic hitmen" to befriend and influence the purchases of the employees of the company "Venezuela"
  6. or one of the employees tries to get a Visa to go to Disneyland because his Latina wife hallucinates she is better than Shakira and Sofia Vergara - yeah...here I am so f*cked. True story, BTW.
  7. The Hollywood brainwashed employee of company "Venezuela" with his inferiority complex is asked by his new "Western" white friend for their supplier in China...and then how do they get paid etc etc. The regular social engineering BS, including but not limited to the USDT addresses of company "Venezuela."
  8. Now Mr. Economic Hitmen has our buyer's address & our USDT address and can see the payments. They monitor the addresses. They use regular LE channels to warn Tether. I know people this has happened to them. Western government agents are pulling all kinds of stuff as part of "regulatory capture" to secure a cushy position in the MegaCorp's payroll.
  9. Next payment...BOOM! Frozen! Good luck getting it unfrozen!
Now, my buyer can NO longer purchase from me because I took a HUGE loss. He can't wire me money because the corresponding banks WILL freeze it unless he starts buying from e.g., NYSE: SNX (owned by the cabal.

You do NOT have to disclose ANYTHING! Oh, if we hire a lawyer...and if we are ballsy enough to file a lawsuit (I did this, but not with crypto - worst idea EVER), they have thousands of CIs that will come in and testify to the judges that this is an "ongoing criminal investigation." Yeah...here we are so *fvcked*

It's a VERY lucrative business for CIs (Confidential Informants)... Europe does NOT disclose theirs...
1721892638318.webp

Source: FBI And Other Agencies Paid Informants $548 Million In Recent Years With Many Committing Authorized Crimes

This has been going on for DECADES! Here's an article from 2004 stupi#21
1721892292199.png


Source: "Pssst ... Wanna Buy Some Augmentin?"


That's HOW the dirty game is played in the corporate world, my friend. stupi#21
 
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hmmm, in your example they know your USDT address ca#"!
Yes! 100% correct, but ONLY the last used newly issued USDT address!
They know the LAST address if Mr. Venezuela delegates the payment to an employee who suffers (or enjoys?) from an inferiority complex.
Doesn't matter to me. Once that payment dips into my USDT accounts, it's "exchanged" within seconds (10% of the time), or it is paid to a supplier (90% of the time).
I NEVER EVER reuse an address. NEVER!

I teach ALL my clients this! My clients have "local people(?)" where they can pay locally, so they stay intra-country (internal rails I think @wellington calls this) and receive USDT in seconds. My client's employees may (or may not) know this USDT receiving address. The "employees" of the "local people" may also know this address. This is a failure point. It has to be used quickly and only once! We can't make it so easy for the enemy to have an attack vector. ;)
 
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what alternatives we have if that isn't volatile?
In realistic terms almost none really except DAI. Making a stablecoin is a very hard task (Reference: Luna incident) and without actual reserves can be a real pain to complete correctly. @jafo and others very rightly pointed out a quick transaction through Tether can remove any issues with freezing while keeping volatility however for long term holding I only see DAI as a viable option. It can regardless happen to have your address blacklisted same as it would to a Bitcoin address making transacting very hard that's why you should have secured & anonymized the financial flow in order to preserve it long-term. Probably doesn't need to be mentioned but for the beginners out there - any cryptocurrency on any exchange can be frozen/blocked. Use self-custodial wallets even for stablecoins like DAI.

Although DAI can't be blocked like Tether there are few things to consider.
  1. Emergency shutdown protocol developerguides/mcd/emergency-shutdown/emergency-shutdown.md at master · makerdao/developerguides / https://www.coindesk.com/business/2...gency-switch-to-prevent-future-dai-depegging/

  2. Blackrocks interest in it as well MSN and we well know where they are we can expect privacy-hurting decisions or way of operations disguised as "compliance".

  3. DAI is backed partially by USDC which itself can be frozen.
 
Although DAI can't be blocked like Tether there are few things to consider.
  1. Emergency shutdown protocol developerguides/mcd/emergency-shutdown/emergency-shutdown.md at master · makerdao/developerguides / https://www.coindesk.com/business/2...gency-switch-to-prevent-future-dai-depegging/

  2. Blackrocks interest in it as well MSN and we well know where they are we can expect privacy-hurting decisions or way of operations disguised as "compliance".

  3. DAI is backed partially by USDC which itself can be frozen.
100% this! This man is right on the money***! ;)

*** Pun intended smi(&%
 
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Yes! 100% correct, but ONLY the last used newly issued USDT address!
Now I get curious. What if the last address is going to a Kraken or Binance exchange, from there the USDT was exchanged to FIAT then exchanged back to USDT and then transferred to another USDT in a cold wallet - how likely is it that this can be traced and frozen then?

I know an authority would be able to trace the transaction but a company or a person with hostile or malicious intentions would not be able to find out where the USDT has ended up and then report that wallet address, or am I misunderstanding something?

BTW you mean the below DAI - it is the one I can find for the cold wallet among 8 - 10 others.
1721917768084.webp
 
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Now I get curious. What if the last address is going to a Kraken or Binance exchange, from there the USDT was exchanged to FIAT then exchanged back to USDT and then transferred to another USDT in a cold wallet - how likely is it that this can be traced and frozen then?

I know an authority would be able to trace the transaction but a company or a person with hostile or malicious intentions would not be able to find out where the USDT has ended up and then report that wallet address, or am I misunderstanding something?

BTW you mean the below DAI - it is the one I can find for the cold wallet among 8 - 10 others.
View attachment 7353
Yes DAI on the Ethereum chain that's correct (metamask works).

If the address your competitor/corporate malicious party knows is an exchange address of Kraken or Binance they can see that it's on the given exchange as these are publicly available or at least very easy to trace. Same goes if you gave a middle wallet which then goes to a big CEX. Regardless of what actions you took once the coins were in the exchange a malicious third party without authorized warrant etc. usually won't be able to see what you're doing with the funds as majority of the funds of all users of the exchange are mixed together. Doing exact amount withdraws e.g you input 100K USDT convert to fiat and then exchange to USDT exactly 100k could potentially make the withdraw of interest to the malicious third party if they are looking at the outflow wallets of the given exchange (timing/changing amount important). They can however report the initial address which in turn will get the funds frozen by the CEX at least temporarily while they look at the claim.
 
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