This ad displayed in a smartphone game I was playing and linked to a downloadable app in Apple’s App Store. Possibly Google’s and Samsung’s official stores offer this app also.
You know, the authorized places to get apps—for our own protection.
So what’s the big deal about “no KYC” apps? CoinLedger explains. Note: this post is constantly updated to reflect regulatory changes. The text below was captured this morning.
“KYC stands for Know Your Customer. This refers to a set of standards and regulations that allow financial institutions to verify a customer’s identity. KYC laws were originally put into place to protect against money laundering and terrorist activity.
“Exchanges that abide by KYC policies will ask you for information like your name, address, and a copy of government-issued ID upon signup….
“MexC is a cryptocurrency exchange founded in 2018 and headquartered in Seychelles.
“You can get started using the platform with no KYC. However, MecX does require KYC for certain types of transactions, such as crypto-to-crypto and derivative trades.
“For years, MexC was one of the most popular no KYC exchanges in the United States. However, MexC stopped offering services to US customers in 2023. Trying to get around this restriction with a VPN may lead to you losing access to your crypto.”
Bredemarket 