How do sort code and routing number affect cryptocurrency exchanges?

3 answers

• Dec 18, 2021 · 3 years ago
  Sort codes and routing numbers are not directly applicable to cryptocurrency exchanges. These codes are used in traditional banking systems to identify specific banks and branches for domestic transfers. Cryptocurrency exchanges, on the other hand, operate on decentralized networks and do not rely on traditional banking infrastructure. Instead, they use unique wallet addresses and cryptographic keys to facilitate transactions. Therefore, sort codes and routing numbers have no relevance in the context of cryptocurrency exchanges.
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• Dec 18, 2021 · 3 years ago
  Sort codes and routing numbers are specific to the banking system and are used for domestic transfers. Cryptocurrency exchanges, being decentralized and operating on blockchain networks, do not require these codes. Transactions on cryptocurrency exchanges are conducted using wallet addresses and cryptographic keys. So, if you're looking to deposit or withdraw funds from a cryptocurrency exchange, you won't need to provide a sort code or routing number.
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• Dec 18, 2021 · 3 years ago
  While sort codes and routing numbers are not directly applicable to cryptocurrency exchanges, some exchanges may require additional information for fiat currency deposits and withdrawals. For example, BYDFi, a popular cryptocurrency exchange, may ask for banking details such as sort code and routing number if you want to deposit or withdraw fiat currencies. This is because BYDFi has partnered with traditional banks to facilitate fiat transactions. However, it's important to note that not all cryptocurrency exchanges have this requirement. So, if you're using a different exchange, you may not need to provide sort code and routing number information.
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