Should We Avoid US Based Exchanges Now?

[Alexander Severus]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

[1714961269]

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[fiulpro]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

Hello
I do believe that you have to understand that no matter what these exchanges won't change their policies or anything . I do think no matter what , stick to a local exchange. If you are a US resident, you cannot avoid it for sure. Binance is a good choice more or so but I do believe the local exchanges will give you good chances of making profits and you won't have to convert them into other currencies before trading.
These exchanges too will make KYC mandatory soon though.
Where are you from ? Plus now a days KYC is everywhere not just in the US and for the safe side I do prefer exchanges which use KYC since this gives us the right to stand up for any issues in the future if god forbid something happens. If the cryptocurrencies are protected by laws in that particular state and at the same time their policies state you can do it. Use it ! Don't make much of the KYC. If you do like that exchange go for it , if no go for a good local one.
**But let us please remember the fact that all these KYC etc... Is just secondary, if you do have FB in your mobile and KYC attached to your bank account which is essential everywhere your information is already tracked and registered**

[sunsilk]

There's no need to worry if you're not a US resident then just don't use those exchanges that you're not good with their terms. If they implement KYC because there are news that they're about to become strict with its implementation then use exchanges that are not scope of that rules.

But there would be traders that are good in that terms and wouldn't mind following it. Just as it, we can mind ourselves what we prefer in exchanges. We've got plenty of choice so you stick to what you want and avoid what you want to avoid.

[Alexander Severus]

I live in the UK. I havn't used a UK exchange before, but I guess if something horrible went wrong you'd have more legal recourse to do something about it if the exchange is based in your own country.

Depositing and cashing out in fiat hasn't been a problem for me as I use this UK based bank app called Revolut which allows you to switch any fiat currency to any another with very small fees.

[cryptomaniac_xxx]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

Regulations is crypto is everywhere, regardless if the exchange you are using are US or Malta based, doesn't matter.

https://public-inspection.federalregister.gov/2020-28437.pdf

So sooner or later centralised exchanges that doesn't require KYC for now, will have to comply with the FINCEN regulation.

[ultrloa]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

Its really worth to avoid them? I think not since if they are the old reputable once which can be trusted well there's nothing wrong with that but if those small exchanges that possibly run by scammers then we will get a huge problem with that. KYC is really awful thing required but if that one is required by the law then lets comply it, But if you are not comfortable then try to use the other sites who you think a less hassle one for you.

[bayu7adi]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

Just do what you like, when you want to transact on US-based exchanges and you feel insecure or uncomfortable, there are still a lot of other exchange options. Moreover, when you are not a US citizen, I don't think it will interfere with your freedom to do digital transitions as long as there is an internet connection. You can forget about US-based exchanges and try Binance or Bithumb to suit your business needs or your trading activity.

The large number of cryptocurrency exchanges makes us more comfortable in making choices based on our personalities.

[bolawin]

maybe you should start using decentralized exchange instead

[davis196]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

I don't think that there's any big difference between using a US based or non-US based cryptocurrency exchange.In both cases,you will have to comply with the rules and submit personal data and ID photos.
If you think that Binance is better than Coinbase,then good luck.They are all bad,in one way or another and they all have flaws.
I wish that there will be a time,when we won't have to necessarily use crypto trading platforms,in order to trade coins.
Unfortunately,the governments won't let this happen.

[voron7477]

Avoiding US based exchanges won't be the solution. Bitfinex, for example, is based in Hong Kong, nevertheless its customers have to pass KYC. Don't want to deal with it? Avoid centralized exchanges. 

[Darker45]

I personally think so. Anyway, it is not really such a big loss if you leave Coinbase and Kraken for Binance, KuCoin, or Huobi. They're all almost the same. They're on the same league. The platforms that you mentioned are close competitors of each other.

It seems to me that the US is a lot more aggressive than other countries in regulating, implementing strict rules, and even suppressing crypto-related businesses. At the end of the day, you are not a US citizen so you are not really barred from using those above-mentioned exchanges. 

[Jawhead999]

KYC is mandatory on Centralized exchanges, so you could be asked to provide KYC anytime. Coinbase, Kraken, Binance, Kucoin, Huobi all of them is centralized exchanges.

To avoid any KYC you can use Decentralized exchanges (e.g. Bisq [1], Hodl Hodl [2]) or Bitcoin ATM (the fee quite higher than unusual)

[1] https://bisq.network/
[2] https://hodlhodl.com/

[ChrisPop]

I don't know why I thought Kraken is based in Europe. 
To be sincere, Coinbase and Kraken seem safer to me. Maybe exactly due to the tighter regulations. I wouldn't feel safe holding a huge part of my funds on an asian exchange. But I might be biased, it's just how I feel.

The best way is to be responsible and keep your stack on your personal wallets. Paper wallets and hardware wallets are the best. 

[bonjouros]

If you are experiencing some problems in using a US base excahanges then it will be best if you will avoid them as I saw also that US is very strict with their regulations and the US government actions towards crypto is unpredictable so it will be best if we can avoid using a US base exchange if it is possible especially if you want to avoid any problem in the future.

I really hate KYC therefore I didn't use any US base exchanges but I am sure that there are many also that didn't encounter any problem in using a US base exchange. It is a matter of compatibility only, if you have no problem with their TOS and further changes of their TOS once the US government will implement a new regulations again then using as US base exchange is not a problem at all.

[avikz]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.
Btw I'm not personally a US citizen and the KYC rules and regulation on transactions the US government doing seem like a huge hassle now, so would be good to avoid that.

Without going into the debate whether you should use a US based exchange or not, I would rather request you to please be prepared to become kyc verifiable in future. The meteoric rise of bitcoin's price will not go unnoticed by the governments around te world.

At some point in future, every crypto exchanges will impose KYC if they want to run their business legally. So it's better to have yourself prepared for this!

[inanilujimi]

It's simple if we object to the existing regulations, there are many other exchanges that are not too strict in the rules. we can choose in a case like this.
if I personally it is better to be in a safe zone than to have later become a problem that we cannot solve.

[TGD]

Most of the Centralized Exchange regardless of the country they are located requires KYC for AML compliance purposes. They will force user to do it at some point once they found out that you have some suspicious transaction or trades that your account don't normally do. DEX is your best option if you really want to avoid to do KYC but that this is just a temporary solution. Soon, most of the exchange will requires verification in every account for compliance.

[BrewMaster]

you keep saying "now" but i honestly don't see anything that has changed in recent times about anything that is based on US. you should avoid them all if you can, any company that is based on US will be a terrible thing to use for your privacy and personal security. whether it is a multi billion dollar company like Google or a tiny bitcoin exchange. for as long as i can remember they have been doing pretty much the same intrusive stuff.

[Evilish]

Please correct me if I am wrong, but haven't more established exchanges like Coinbase and Kraken been doing KYC for ages? At least that has been my experience with them and I had to go through ID verification.

[harizen]

In terms of centralized exchanges do you think it would be better to use ones not based in the US now?
I'm thinking of avoiding Kraken and Coinbase completely now and just using ones not based in US such as Binance, Kucoin, Huobi.

It basically depends on your own preference and convenience.

If you think it's a pain in the ass dealing with US-based exchanges then you can test the waters on other exchanges to meet your expectations. However, always expect that centralized exchanges, even non-US based are bound to be regulated.

What matters to me is good service. I'm fine complying with KYC with consideration*.