No-KYC Crypto Exchanges Remain Popular Amid Rising Regulatory Scrutiny in 2025

Centralized and decentralized cryptocurrency exchanges with no Know Your Customer (KYC) requirements remain a topic of interest in 2025, particularly as regulatory scrutiny intensifies in major markets such as the United States, China, and Singapore. A recent article from CoinMarketCap highlights the top 10 best no-KYC crypto exchanges, emphasizing platforms that offer varying degrees of anonymity and accessibility [1]. These platforms operate without mandatory user verification for basic trading functions, although they may impose limits on withdrawals or specific features such as peer-to-peer (P2P) trading or higher leverage.

Among the curated exchanges, XT.com and Digifinex are highlighted for their accessibility and user-friendly features. XT.com, for example, supports over 800 cryptocurrencies and offers tiered trading limits depending on user verification status. While unverified traders can withdraw up to 200,000 USDT daily, verified traders see their limits increase significantly [1]. Digifinex, on the other hand, is praised for its beginner-friendly interface and offers up to 100X leverage on derivatives trading, along with competitive liquidity and a zero-maker fee policy [1].

MEXC and CoinW are notable for their large crypto listings and trading volumes. MEXC, with over 30 million users, offers some of the lowest fees in the industry, with zero maker fees on both spot and futures trading. However, users must complete KYC verification to access higher withdrawal limits [1]. CoinW, while more focused on futures trading, supports up to 15 million users and offers educational resources tailored for mid-level traders [1].

Decentralized exchanges (DEXs) such as Bisq and PancakeSwap V3 are also featured for their anonymity and lack of KYC requirements. Bisq, a fully non-custodial platform, enables users to trade Bitcoin without any verification process. PancakeSwap V3, a top DEX by trading volume, supports high-leverage trading and a large user base of over 2.4 million [1].

Toobit and Hyperliquid are highlighted for their focus on derivatives and perpetual contracts. Toobit, a no-KYC platform, allows users to trade with up to 175X leverage and offers zero slippage on selected pairs. Hyperliquid, launched in 2024, has quickly gained market share by providing on-chain order books and zero gas fees for trades [1].

The article underscores that while these no-KYC exchanges provide flexibility and privacy, they also operate in a legal grey area in many jurisdictions. Some countries have banned or heavily regulated such platforms due to concerns over financial crime and tax evasion. Users are advised to verify the legality of these platforms in their jurisdictions before engaging in trading activities.

In terms of security and usability, the article recommends checking for robust security measures, user reviews, and customer support responsiveness. Exchanges that offer advanced trading features, such as automated bots and pre-market trading, are also emphasized for their added value [1].

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[1] https://coinmarketcap.com/community/articles/68911bc1db840933c477af22/