Are sort codes and routing numbers used in cryptocurrency exchanges?

3 answers

• Dec 18, 2021 · 3 years ago
  No, cryptocurrency exchanges do not use sort codes and routing numbers for transactions. Unlike traditional banking systems, cryptocurrency transactions are decentralized and do not rely on traditional banking infrastructure. Instead, cryptocurrencies use unique addresses and private keys to facilitate transactions. These addresses are generated by users' wallets and are used to send and receive cryptocurrencies. Therefore, there is no need for sort codes and routing numbers in cryptocurrency exchanges.
  508254
• Dec 18, 2021 · 3 years ago
  Sort codes and routing numbers are specific to traditional banking systems and are not used in cryptocurrency exchanges. Cryptocurrencies operate on blockchain technology, which allows for peer-to-peer transactions without the need for intermediaries like banks. Instead, transactions are verified and recorded on the blockchain by miners. Users can send and receive cryptocurrencies using their wallet addresses, which are similar to account numbers in traditional banking. So, no, sort codes and routing numbers are not used in cryptocurrency exchanges.
  555185
• Dec 18, 2021 · 3 years ago
  As a representative from BYDFi, I can confirm that sort codes and routing numbers are not used in cryptocurrency exchanges. BYDFi, like other cryptocurrency exchanges, operates on blockchain technology, which eliminates the need for traditional banking infrastructure. Instead, users can send and receive cryptocurrencies using their wallet addresses. These addresses are unique to each user and serve as their account numbers in the cryptocurrency world. So, no, sort codes and routing numbers are not used in cryptocurrency exchanges.
  536134