PancakeSwap is a decentralized cryptocurrency exchange based on Binance Smart Chain. The project unit of account is the CAKE token. It is required for transactions on the PancakeSwap exchange and can be used by holders as a service management cryptocurrency.
At the initial stage of development of the PancakeSwap platform, CAKE was supposed to have an unlimited commission. But in May 2022, the community supported the changes to the project’s tokenomics. In particular, the emission of CAKE tokens was limited to 750 million coins.
CAKE is very popular today. In addition to the native PancakeSwap, it is available on many other websites. Therefore, it is not surprising that many people are involved in transactions using this crypto. But it is not always possible to safely exchange ETH to CAKE, CAKE to BNB, and other coins. This is because many online platforms operate illegally and do not care about the safety of users. Others have a mandatory KYC procedure that not everyone likes.
KYC Procedure: Why Do Crypto Exchanges Require It?
The KYC (Know Your Customer) procedure obliges all financial institutions, including cryptocurrency exchanges, to identify their customers. That is, the user who has registered an account must confirm his identity using photos and documents. After passing the verification, he will be able to use the services and products of the platform without restrictions.
KYC Advantages
KYC is a preventive measure to combat fraud and money laundering. Cryptocurrency is anonymous, so it is extremely popular on the dark web and in fraudulent transactions. Thanks to this procedure, companies can ensure they deal only with pure money.
It also increases the level of trust both in crypto services and their users. In this way, the requirements of state regulators of different countries are observed. In addition, the verification procedure allows you to return access to your account and funds when you lose your password.
KYC Disadvantages
Most of the crypto community believes that the verification procedure is detrimental. Digital coins lose their anonymity because of it. The main disadvantage for the user undergoing verification is the discomfort from the fact that someone will receive all his personal data.
Top 3 Websites Where You Can Exchange CAKE to BNB Without Any Risk and KYC
Is it possible to exchange crypto coins safely without KYC? In fact, it is possible. There are several trustworthy places you can visit. Check out the following list:
- LetsExchange. This is an online service with an international license that pays special attention to the protection of users’ funds. But at the same time, the KYC procedure is not required. The website allows transactions with 2300+ digital coins and supports 80+ fiat currencies. Follow the link https://letsexchange.io/exchange/bnb-to-btc to exchange BNB to BTC or choose any other crypto pair;
- KuCoin. This is another secure crypto service that allows users to sell, buy, and trade Ethereum, Bitcoin, and 700+ altcoins. The platform does not have mandatory KYC. But it is still recommended to verify your account to get more trading opportunities;
- CoinEx. This multifunctional resource combines the functions of a crypto exchange and a cryptocurrency market. Bitcoin, Ethereum, USDT, and dozens of other tokens are represented there. CoinEx does not require KYC. However, there is a limitation. Unverified users can withdraw up to $10,000 daily, and verified users can withdraw up to $1 million daily.
Final Remarks
Many are convinced that KYC directly violates the anonymity principle in blockchain technology and do not want to go through the procedure. Fortunately, today there is such an opportunity. Some online companies do not require mandatory KYC and provide customers with secure transactions. By choosing one of these, you will be able to manage digital coins without any risks!