Last updated: October 23, 2026
Before using a crypto exchange — especially a no-KYC one — read its terms of service and AML policy for a few red flags: the right to request KYC "at any time", to freeze or hold funds indefinitely, refunds only after verification, no clear refund rules, and wording that contradicts the "no KYC" marketing. Also watch for terms that change right after a dispute. These clauses decide what happens to your money if a deposit is flagged. On notkyc, policies are summarized as attributes on every exchange page, so you can compare before you swap.
- 8 red flags to check
- 5 min to skim the key clauses
- Marketing vs terms: terms win
- 30+ exchanges with summarized policies
Terms-of-service red flags at a glance
| Clause | Why it matters | notkyc attribute |
|---|---|---|
| "We may request KYC at any time" | No-KYC is not guaranteed | Rare KYC / KYC depends on partner |
| "Funds may be held until verification is completed" | Refund only with ID | KYC required for AML refund |
| "We may freeze or suspend at our discretion" | No limit on holds | May freeze / suspend |
| No refund policy, or a vague one | No clear path to get money back | No / unclear refund policy |
| Data shared with "partners and authorities" broadly | Your details travel further | Data sharing |
| Stores IP addresses and logs | Less privacy than advertised | Logs IP / metadata |
| No terms or AML policy at all | Nothing to hold them to | No published policies |
| Terms changed right after a dispute | Rules adjusted to the case | Shown as an incident if relevant |
Green flags to look for
- Explicit "no KYC, ever" written in the terms, not just in ads ("Guaranteed no-KYC").
- Refunds of AML-flagged deposits without ID ("Refunds without KYC on AML flag").
- Clear time limits for refunds and reviews.
- No-logs statement and minimal data collection.
- A dated terms page, so changes are visible.
See every attribute and its weight on the attributes page and how we score exchanges.
How to check an exchange's terms (step by step)
- Open the terms and AML policy from the exchange's footer.
- Search for: "KYC", "verification", "freeze", "hold", "refund", "AML", "partner", "logs".
- Compare with the marketing: if the homepage says "never" and the terms say "may", trust the terms.
- Check who provides liquidity — partner rules apply too (own vs partner liquidity).
- Check its record on the no-KYC track record and any incidents on its listing.
- Do a small test before a large swap (test transactions).
Frequently asked questions
Why read an exchange's terms if it says no KYC?
The terms define what happens when a deposit is flagged. Many "no-KYC" services reserve the right to request verification or hold funds in their terms.
What is the biggest red flag?
Terms that allow holding funds until you complete KYC, with no option to refund without verification.
What if the terms change after I swap?
Save a copy or screenshot of the terms when you swap. Terms changed right after a dispute are a warning sign worth reporting.
Does notkyc check exchange terms?
Yes. Key policy points are summarized as attributes on each listing, and they affect the privacy and trust scores.
Are aggregators' terms enough?
No. With aggregators, the partner exchange's terms also apply. Check both.
Compare exchanges by their policies: all attributes, most trusted or swap on BTC → XMR. No account, no ID, no logs.