The Future for Unregulated Bitcoin Exchanges
CoinDesk's Anna Baydakova talks to non-custodial p2p exchanges Hodl Hodl and Bisq about why we still want no-KYC bitcoin.
To KYC or not to KYC? In this episode, CoinDesk’s Anna Baydakova talks to Hodl Hodl and Bisq, two non-custodial, no-KYC bitcoin exchanges.
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This episode is sponsored by Bitstamp and Crypto.com.
One year ago, the Financial Action Task Force, the global anti-money laundering watchdog, ruled that crypto transactions data should be controllable, and ever since the question has been not if you know your customers (KYC) but how you do it.
But not all bitcoiners have surrendered to this norm. Hodl Hodl and Bisq don't provide centralized custody and don't check user identity. They also don't employ the blockchain tracing tools to block the "tainted" coins (blacklisted as coming from illicit activities), which has become a must for major bitcoin exchanges these days.
What comes with this? A chance to buy and sell bitcoin without revealing your identity, as well as much more responsibility over how you buy and store your crypto. Max Keidun, the CEO of Hodl Hodl, and Steve Jain, contributor to Bisq, dig into why, in the times of crypto compliance, people still might need (or maybe just lawfully want) to keep their bitcoin deals to themselves.
See also: P2P Exchange Hodl Hodl Takes First Step in Bringing Private Bitcoin Trades to BlueWallet Users
There are more questions to arise from such old-school cypherpunk thinking: how can you make sure you don't get scammed at these p2p platforms? What do you do if you buy "tainted" coins blacklisted by the FATF-abiding exchanges and vendors?
Max and Steve share their takes on this, and the main explanation is probably: "everything has a price." Including freedom from surveillance and data leaks.
We also touch the matter of decentralization that is important to both Hodl Hodl and Bisq. Hodl Hodl is planning to open source itself, so everyone can clone and run their own p2p bitcoin exchange in case the regulators go after Keidun and his team. And Bisq fully decentralized last year, when it turned all its decision making over to a DAO.
For daily insights and unique perspectives listen or subscribe to the CoinDesk Podcast Network with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.
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Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
Why it matters:
Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
