Are swift code and sort code necessary for digital currency exchanges?

3 answers

• Qiang LiNov 12, 2021 · 4 years ago
  No, digital currency exchanges do not require swift code and sort code for transactions. Unlike traditional banking systems, digital currency exchanges operate on blockchain technology, which allows for peer-to-peer transactions without the need for intermediaries like swift code and sort code. Transactions on digital currency exchanges are typically conducted using wallet addresses or unique identifiers associated with the digital currencies being traded. This makes the process faster, more efficient, and less reliant on traditional banking infrastructure.
  563

  282
• Jialiang ChenFeb 24, 2023 · 2 years ago
  Swift code and sort code are not necessary for digital currency exchanges. Digital currencies, such as Bitcoin and Ethereum, are decentralized and operate on blockchain technology. Transactions on digital currency exchanges are verified and recorded on the blockchain, eliminating the need for traditional banking codes. Instead, users transact using their wallet addresses or unique identifiers associated with their digital currencies. This allows for faster and more secure transactions, without the need for intermediaries like swift code and sort code.
  557

  186
• ADHITHYA VEERAMALAI MANICKAM CApr 21, 2023 · 2 years ago
  While swift code and sort code are not necessary for digital currency exchanges, some exchanges may require additional identification for certain types of transactions. For example, if you're using a digital currency exchange that offers fiat currency withdrawals or deposits, you may need to provide your bank's swift code and sort code for the transfer to be processed. However, for purely digital currency transactions, swift code and sort code are not required. It's important to check the specific requirements of the exchange you're using to ensure a smooth and seamless transaction process.
  597

  150