Crypto Exchange API
Our no account, no KYC transaction integration is not any more susceptible to hacking compared to standard KYC transactions. There are a few reasons for this:
Regarding coin security: This does not change at all compared to our main services since we do not hold our customer’s private key information. If we are hacked, you private key information is not in danger.
Regarding data security: We believe less data is better. We want you to be able to use this service by providing ONLY the strict minimum required data needed to execute the service. If we get hacked, only this minimum given data is at risk.
Regarding compliance and regulation: Our company, as with most companies, does not usually request KYC / origin of funds information on transactions under 100k. Because of this and the yearly transaction limits we have imposed, KYC vs no-KYC transactions offer virtually the same verifications when exiting to fiat. It’s also important to remember that regulation is not really in place to prevent all fraud (or stop all business). It is there to protect, allows a fluid economy to those that respect the rules, and to prevent massive money laundering and financing of terrorism.
Our goal is to make all directions, crypto-to-fiat, fiat-to-crypto, and crypto-to-crypto as easy as possible for users while at the same time combating fraud by applying Swiss AML. Regardless of KYC or no-KYC, it’s always important to safeguard your financial and account access information to the best of your abilities.
How are transactions considered "no KYC" if you're asking for my phone, billing address, and bank account details?
Yes, but only after an order has been successfully executed. There are a few reasons why we must store your transaction information:
In cases where there is an issue with the transaction from the receiving bank / IBAN, such as a refund or cancellation. If we did not store any information regarding the transaction, our support and technical teams would be unable to verify and assist with fixing problems related to them.
In accordance with the Swiss regulations for financial intermediaries, the data retention period we must adhere to is 10 years after termination of the business relationships or completion of the transaction (you can search here with the keyword “retention” for more information).
Signing verification, known traditionally as digital signatures, is used for verifying the authenticity of a digital message or document. Giving a recipient a valid digital signature provides a very strong indication that the message was created by the expected sender (authentication) and that the message was not altered in transit (integrity).
In cryptography, cryptographic signing verification is used to authorize a transaction on behalf of the signer. It can also be used to prove to a smart contract that a specific account approved a specific transaction or message.
Our no account and no KYC orders are compliant and possible through the implementation of signing verification technology. We use this technique to ensure the receiving crypto address is properly in control of the user requesting the exchange. This enables small, accountless, and no kyc exchange transactions.
The process of signing should be transparent to you if the wallet application you are using offers signing features.
The process of signing and verifying messages should be transparent to you if the wallet application you are using offers the signing feature. There are several types of wallet applications available for use including PC / Desktop, online, hardware, and mobile wallets. Regardless of what wallet type you are using, look for the message signing and verifying feature within its interface to get started.
Typically, the signing and verifying process for any wallet application has three fields:
- One for the wallet address (public address) in which you’d like to create the signature.
- A message field where you can enter the custom message our crypto exchange API generated for verification.
- A signature field which auto-generates an encrypted string based on your wallet address, private keys, and the custom message we provided for you to insert back into our platform’s form.
We suggested using the below wallet applications and checking out their individual tutorial pages on signing to learn more:
- MyCrypto Desktop App - View signing guide here.
- Electrum - View signing guide here.
- Trezor - View signing guide here.
- Ledger - View signing guide here.
If you have any questions or issues during the signing process due to our platform, feel free to open a support ticket for help. Otherwise, if it’s an issue with the wallet application itself, please contact the vendor directly for assistance.