Best No KYC Casinos UK 2026: What Actually Works, What Doesn’t, and Where Your Money Is Safe

The blunt truth about “no KYC casinos UK” in 2026

Search for a no KYC casino in the UK and you will drown in pages promising instant withdrawals, zero documents and a passport-free path to riches. Most of those pages are selling a half-truth. The other half is buried in a licence condition that most affiliates would rather you didn’t read.

Here is the short version. A casino holding a UK Gambling Commission licence cannot legally let you gamble before it has verified your name, address and date of birth. Licence Condition 17.1.1 is not a suggestion. It has been enforced since 2022, tightened again in 2025, and it applies before the first spin, not at the withdrawal desk. So when a UK-licensed brand markets itself as “no KYC”, what it actually means is that the checks happen invisibly, using credit reference data and electoral roll records, and you never see a document upload screen unless something flags.

Offshore casinos operate on a different logic. A Curaçao or Anjouan licence allows a site to let you register with an email, deposit crypto and play immediately. ID is requested later, usually when you try to withdraw more than a threshold that the operator sets and can change. That is the model most “no KYC casino” lists are actually describing. It is not illegal for a UK adult to play there. It is also not protected, not Gamstop-covered, and not something you want to discover after a £4,000 win turns into a “pending review” that never ends.

This guide does both jobs. It ranks the UK-licensed operators that come closest to a frictionless, document-free experience, and it explains exactly what you give up when you cross the line into offshore territory. No magic. No “VIP” fantasy. Just the mechanics of verification, withdrawal limits and the paperwork that decides whether your money moves in minutes or disappears into a support queue.

How we ranked the best no-KYC-style casinos for UK players

We did not rank casinos by how loudly they shout “no KYC”. That would be an exercise in affiliate marketing, not journalism. The shortlist was built on five filters that actually affect a UK player’s experience.

Licence and complaint route. A UKGC licence is the only version that gives you access to the Independent Betting Adjudication Service, segregated player funds and mandatory Gamstop integration. Every operator in the main ranking holds one. Offshore brands are discussed separately, with the risks spelled out.

Verification friction. We looked at whether the operator completes identity checks electronically at signup, how quickly the checks clear, and what triggers a manual document request. A casino that verifies you in 30 seconds via third-party data is functionally closer to “no KYC” than one that asks for a passport before your first deposit, even if both hold the same licence.

Withdrawal speed after approval. “Instant” is the most abused word in this niche. We tracked stated processing times and cross-checked them against published payout data. E-wallet withdrawals at major UK brands typically land in under two hours. Debit card withdrawals sit in the 4–24 hour range. Anything promising “instant” to a bank account is either exaggerating or charging a fee somewhere else.

Bonus terms that survive the small print. Since 19 January 2026, UKGC-licensed operators cannot impose wagering requirements above 10x the bonus amount. That cap is a genuine consumer win. Offshore casinos are not bound by it and routinely set 40x, 50x or higher, sometimes with a maximum cashout that makes the whole offer theatre.

Responsible gambling tooling. Deposit limits, loss limits, time-outs and self-exclusion. A casino that makes these easy to find is telling you something about how it treats customers. A casino that hides them behind three menus is telling you something else.

The best no-KYC-style casinos for UK players in 2026

The ranking below is not a list of lawless offshore sites. It is a list of UKGC-licensed operators that get you through the door with the least paperwork, pay out at a competitive speed and give you a real complaint route if something goes wrong. If you want a true “no checks ever” casino, that section exists further down. Read the warnings first.

Bet365 — the frictionless benchmark

Bet365 is the operator every other UK casino is measured against, and for once the reputation is earned. Identity checks run automatically at registration against electoral roll and credit reference data. For most UK players the process finishes in under five minutes without a single upload. If the automated check fails, you will be asked for documents, but that is the exception rather than the default.

The casino library spans more than 1,000 titles, including Evolution live tables, Pragmatic Play slots and the usual NetEnt back catalogue. Withdrawals to debit card typically land within one to two hours after approval, and the minimum withdrawal is £5. The trade-off is that Bet365 is not a “bonus casino” in the traditional sense. UK-facing promotions are modest, because the brand does not need to buy customers with 400% match offers. What you get instead is infrastructure that works.

For a UK player who wants the no-KYC feel without leaving the regulated market, Bet365 is the least dramatic and most reliable answer. No passport selfie. No three-day review. Just a casino that has spent a fortune on compliance technology so you never have to think about it.

William Hill — the high-street name with invisible checks

William Hill runs the same electronic verification stack you would expect from a legacy bookmaker with thousands of shop staff and a compliance department the size of a small town. Registration checks are automated, and the document request only appears when the data does not match or the account triggers a risk flag.

The casino and live casino portfolio is broad enough to keep most players busy, and withdrawals to e-wallets such as Skrill and Neteller typically process in two to twelve hours. Debit card withdrawals are slower, usually within 24 hours. Minimum withdrawal is £5, and the minimum deposit is equally low.

William Hill is not exciting. It is not trying to be. If you want a casino that behaves like a bank with slot machines attached, this is it. The paperwork is invisible until it isn’t, and the brand has enough regulatory history to know that confiscating a legitimate win is a far more expensive mistake than paying it.

Midnite — compliance transparency as a feature

Midnite is the most interesting UK operator on this list because it has turned compliance into a product feature. The company launched an in-house tool called Atlas in 2026 that gives players a live visual tracker during account reviews, showing when an analyst is checking the account and when documents have been received. That is not normal. Most casinos treat a compliance review like a black box. Midnite treats it like a Domino’s order.

Verification at registration is electronic and fast for straightforward accounts. The £5 minimum deposit makes it one of the cheapest entry points among UKGC-licensed brands, and the sportsbook integration means you can move between markets without opening a second account. Withdrawals are competitive, though manual reviews can stretch during peak periods.

The trade-off is scale. Midnite is smaller than Bet365 or William Hill, so the game library is tighter and the live dealer selection is not as deep. What it lacks in volume it makes up for in transparency. If you have ever waited three days for a withdrawal with no explanation, you will understand why that matters.

Kwiff — electronic checks, sportsbook attached

Kwiff built its reputation on randomised odds boosts and a sportsbook-first interface, but the casino side has grown into a legitimate option for players who want low-friction onboarding. Identity verification is electronic at registration, and the document request only lands if the automated checks flag something.

The catch is speed during peak periods. Kwiff runs manual reviews for flagged accounts, and those can stretch to 48 hours when the queue is busy. For a clean account with no anomalies, the experience is smooth. For an account with a mismatched address or a payment method in someone else’s name, the friction arrives exactly when you least want it.

Kwiff is a decent choice if you want a combined sportsbook and casino under one login and you value the electronic-check model. It is not the fastest payout on this list. It is not the biggest library. But it is a UKGC-licensed operator that understands the difference between a risk flag and a criminal, which is more than can be said for some offshore brands.

MrQ — Trustly speed and low deposits

MrQ has carved out a niche with a £10 minimum deposit, Trustly-powered withdrawals and a no-nonsense interface that does not bury the important information under animated banners. Verification runs electronically at signup for most players. Trustly withdrawals typically process within two hours, often faster.

The bonus structure is simpler than most. MrQ has historically leaned on wager-free spins and straightforward deposit matches rather than labyrinthine wagering schemes. That aligns with the UKGC’s 10x cap, but MrQ was moving in that direction before the regulator made it mandatory.

The library is solid rather than spectacular: Pragmatic Play, Play’n GO, NetEnt, Blueprint and a live casino section powered by Evolution. If you want a UK casino that behaves like a modern fintech app and does not punish you with 40x wagering, MrQ is a sensible shortlist entry.

PlayOJO — no-wagering clarity

PlayOJO built its entire brand on the absence of wagering requirements. Every free spin and bonus is paid as cash, not bonus funds, and there is no playthrough trap. That approach used to be a marketing gimmick. Since the UKGC capped wagering at 10x in January 2026, it looks more like a preview of where the market was heading anyway.

Verification is electronic for most UK players, and the document request is triggered by data mismatches rather than a blanket policy. Withdrawals are competitive, though the operator is not the fastest on this list. The game library covers the major studios and a reasonable live casino selection.

PlayOJO is a good fit for players who understand that a “free” bonus with 40x wagering is not free. The brand’s entire pitch is that the maths should be transparent. That is a low bar, but the industry has spent two decades limbo-dancing under it.

888 Casino — big library, fast e-wallet cashouts

888 Casino is one of the oldest names in the UK online market and still one of the most reliable for players who want a large game library without a document upload at the front door. Registration checks are automated, and e-wallet withdrawals typically process within a few hours. Debit card withdrawals are slower, in line with the rest of the market.

The casino section includes 888’s proprietary titles alongside NetEnt, Microgaming and Evolution live dealer games. The welcome offer is usually a deposit match rather than a no-deposit bonus, and the wagering sits within the UKGC’s 10x cap. Minimum deposit is £10.

888 is not the cheapest, the fastest or the most generous. It is a known quantity. For a UK player who wants a frictionless signup and a brand that has survived every regulatory shakeout since the mid-2000s, that is worth something.

UK no-KYC casinos compared: bonuses, verification, payouts and minimum deposits

The table below condenses the practical differences. “Verification” describes the default path for a clean UK account, not the worst-case scenario. Any operator can request documents if the data does not match or the account triggers a financial risk check.

None of these operators will let you gamble without verification. That is the law. What they will do is verify you without making you feel like you are applying for a mortgage. The difference between a casino that checks your data in the background and one that demands a passport selfie at 2am is the difference between a product designed by people who understand conversion rates and one designed by people who do not.

What “no KYC” actually means under UK law

KYC stands for “know your customer”. In gambling, it covers three separate checks: age, identity and, for some accounts, source of funds. UK rules bundle these under Licence Condition 17, which the Gambling Commission tightened in 2022 and reinforced in 2025. The practical effect is that verification happens before you can gamble, not when you try to withdraw.

This was not always the case. Before 2022, operators could let you deposit and play, then verify you at the first withdrawal. That model created a predictable horror story: win £3,000, request a cashout, then get asked for a passport, a utility bill, a bank statement and a selfie holding today’s newspaper. The 2022 changes killed that model for UKGC licensees. The 2025 updates removed the remaining 72-hour grace period.

The law that sits behind this is the Gambling Act 2005. Section 331 makes it an offence for an operator to provide gambling facilities to a person in Great Britain without a UKGC licence. Section 330 covers advertising. Notice where the offence sits: with the operator, not the player. A UK adult who opens an account at an offshore casino is not committing a criminal offence. But the operator is breaking UK law by accepting them, which is why offshore sites generally do not advertise openly to UK customers and why your legal remedies if something goes wrong are close to zero.

The 2023 gambling white paper added another layer: financial risk checks. These are not the same as KYC. They are affordability checks triggered by deposit patterns, and the Commission has been careful to frame them as “frictionless” background assessments rather than demands for bank statements. The pilot data suggested that only around 3% of accounts would trigger a check, and of those, 97% would pass through a frictionless process. That is the theory. The reality for a small number of players has been intrusive requests for payslips and bank statements, which is one reason the offshore market still exists.

Here is the part the “no KYC” marketing pages leave out. Even a UKGC-licensed casino that verifies you electronically has still verified you. Your name, address and date of birth have been matched against third-party databases. The account feels anonymous because you never uploaded a document. It is not anonymous. The operator knows exactly who you are. It simply chose a verification method that does not require you to participate.

Offshore no-KYC casinos: the real trade-off

Now the part that requires a clear head. Offshore casinos licensed in Curaçao, Anjouan or Kahnawake genuinely do allow a lighter onboarding process. You can register with an email, deposit crypto and play without uploading a passport. The ID request arrives later, usually when you try to withdraw more than a threshold that the operator sets and can change.

That threshold is the number that matters. Across offshore sites tracked in early 2026, the median pre-verification withdrawal limit was around £1,000, with a range from £500 at some Anjouan-licensed brands to £5,000 at one Curaçao site running a “verification-free” tier. If you deposit £50, run it up to £400 and withdraw, you may never see a document request. If you hit £3,000, you will. And once the request lands, the clock starts: 24 to 72 hours for document review is normal, and the operator has no UK regulator breathing down its neck if the review drags.

What you give up is not abstract. A UKGC licence gives you segregated player funds, mandatory Gamstop integration, a formal complaints route ending at IBAS, and the Commission’s enforcement powers if the operator misbehaves. An offshore licence gives you a registration number in a jurisdiction where enforcement is historically light and cross-border consumer disputes are expensive to pursue. If the operator confiscates your balance and closes your account, your options are a chargeback (difficult with crypto), a complaint to a regulator that may not respond, and a post on a forum that the operator can ignore.

The UK Gambling Commission’s 2026 money-laundering risk assessment explicitly flagged illegal overseas casinos targeting Britain as a growing problem, noting that Curaçao and Malta licences do not deliver equivalent Gamstop, ADR or customer-fund protections. That is regulator language for “you are on your own”.

If you still want to explore offshore options, the names that appear most often in 2026 comparisons include BC.Game, Cloudbet, Roobet, Gamdom, FortuneJack, Metaspins, NineWin and Rainbet. Treat every one of them as a counterparty risk, not a trusted brand. BC.Game, for example, is often described as “no KYC”, but its terms allow identity checks at thresholds that have been reported in the $2,000–$10,000 range depending on the account and the withdrawal method. Cloudbet has marketed itself as no-KYC since 2013, but unverified accounts have been capped at around $2,200 in daily withdrawals. FortuneJack positions itself as no-KYC, but a significant volume of player complaints centres on KYC requests appearing exactly when a large withdrawal is requested.

None of that is a reason to call these operators scams across the board. Some players use them for years without a problem. The point is that the “no KYC” label describes the onboarding experience, not the withdrawal experience. The withdrawal experience is where the terms and conditions live, and offshore terms are written by people who know you have no regulator to call.

Bonuses and free spins at no-KYC casinos

The UKGC’s 10x wagering cap, which took effect on 19 January 2026, changed the maths of casino bonuses in the regulated market. Before the cap, a 40x wagering requirement on a £100 bonus meant you had to stake £4,000 before withdrawing a penny. At 10x, the same bonus requires £1,000 in wagering. That is still a hurdle, but it is no longer a treadmill designed to exhaust your balance before you can leave.

No deposit bonuses and free spins are where the gap between regulated and offshore casinos becomes most obvious. A UKGC-licensed operator offering “50 free spins no deposit” will typically cap the winnings at £10–£50, apply the 10x wagering cap and pay the result as cash or bonus funds with clear terms. An offshore casino offering “200 free spins no deposit” may attach a 40x wagering requirement, a maximum cashout of £100 and a clause allowing the operator to void winnings if it suspects “bonus abuse” — a term that is often defined so broadly that any winning player qualifies.

The “no wagering” label deserves its own warning. At a UKGC-licensed casino, no wagering generally means what it says: winnings from the bonus or spins are paid as cash, subject to the operator’s maximum win cap. At an offshore casino, “no wagering” sometimes means “no wagering until you request a withdrawal, at which point a completely different set of conditions applies”. Read the terms. Then read the withdrawal section again. The bonus page is marketing. The withdrawal section is the contract.

One more thing about the word “free”. A free spin is not a gift. It is a customer acquisition cost, and the casino has modelled the expected value of your deposit long before you spin the reel. The maths works because most players deposit more than once. If you are the exception, you will meet a maximum cashout cap. If you are the rule, the casino has already made its money. That is not cynicism. It is the business model, and it is the same at every casino on this page.

Payments and withdrawals: crypto, cards, e-wallets and what triggers ID checks

Payment method is the single biggest determinant of how “no KYC” your experience feels. Crypto deposits are pseudonymous at the casino level, which is why offshore sites lean on them. Card deposits are instant but almost always trigger a verification request at the first withdrawal because the issuing bank needs a named account holder. E-wallets sit somewhere in the middle: the wallet provider has already done identity work, and that often satisfies the casino’s initial checks.

Trustly deserves a specific mention because it has become the default “fast withdrawal” rail for UK players. It is an open-banking payment method, which means the money moves directly between your bank account and the casino without a card network in the middle. Withdrawals at MrQ and several other UKGC-licensed brands typically land within two hours, often faster. The trade-off is that Trustly exposes your bank account to the casino, which makes identity verification easier for the operator and harder for you to avoid if the data does not match.

Paysafecard is the classic “no KYC deposit” method, but it is a one-way street. You can buy a voucher with cash and deposit without a bank account, but you cannot withdraw to Paysafecard. Any winnings have to come out through a bank transfer or an e-wallet, and that is where the verification request lands. The same logic applies to Neosurf and other prepaid vouchers. They are good for privacy at the deposit stage and useless for privacy at the withdrawal stage.

The “instant withdrawal” claim is worth deflating. What most casinos mean is that the operator processes the withdrawal instantly, not that your bank credits the funds instantly. Once the casino releases the payment, your bank or e-wallet provider controls the rest. Faster Payments can move money in minutes. Card refunds can take days. Crypto confirmations depend on network conditions and the fee you paid. A casino that promises “instant” to a debit card is either using Faster Payments and getting lucky with bank cut-off times, or it is lying about the processing stage.

Games and software: what you can actually play

UKGC-licensed casinos and offshore crypto casinos draw from overlapping but not identical game libraries. The major studios — Pragmatic Play, NetEnt, Play’n GO, Microgaming, Evolution, Blueprint and Hacksaw Gaming — supply both markets. The difference is in the long tail.

Offshore casinos often carry a wider selection of provably fair games: Plinko, Limbo, Crash, Dice and Wheel titles that use blockchain hashes to let players verify the outcome. These games are popular with crypto-native players because they are fast, transparent and do not require a downloadable client. UKGC-licensed casinos have been slower to adopt provably fair formats, partly because the Commission’s testing and certification requirements are built around conventional RNG systems.

Live dealer is the opposite story. UKGC-licensed operators have deeper live casino lobbies, with more tables, more variants and better studio integration. Evolution’s live blackjack, roulette and game show titles are the benchmark, and the regulated market gets the full selection. Offshore casinos carry live dealer games too, but the selection is often thinner and the video quality can vary.

RTP is another quiet difference. UKGC-licensed casinos are required to publish the return-to-player percentage for each game, and the advertised RTP is generally the RTP you get. Offshore casinos are not bound by the same transparency rules, and some operators run lower-RTP versions of popular slots to improve their margin. If a slot advertises 96.2% RTP at a UK casino and the same slot appears at an offshore site without an RTP disclosure, assume the worst until proven otherwise.

New no-KYC casinos in 2026: Twinqo and the fresh batch

Every year produces a new crop of “no KYC” casinos, and 2026 is no exception. Twinqo is the name that comes up most often in UK-facing comparisons. It launched in 2025 as a crypto-only casino with no fiat payment options and no mandatory identity check at signup. It advertises 34,000+ games, instant crypto withdrawals and a £5 minimum deposit.

The problem with new casinos is not that they are automatically bad. It is that they have no track record. Twinqo’s Trustpilot presence is thin, and independent trust-rating sites have flagged it as lower-trust because of its short operating history and the difficulty of verifying its licensing claims. That does not mean it will confiscate your money. It means you have no data either way, and when a casino is new, the withdrawal terms are the only thing standing between you and a very educational experience.

If you are going to try a new no-KYC casino, follow a simple protocol. Deposit the minimum. Win a small amount. Withdraw it immediately. See how the process works before you increase your exposure. A casino that pays a £50 withdrawal in ten minutes without documents is telling you something. A casino that stalls a £50 withdrawal for three days is telling you something louder. Do not deposit £1,000 on day one because the welcome bonus looks generous. The bonus is the bait. The withdrawal is the test.

Also check the licence number against the regulator’s public register. A Curaçao licence in 2026 is only meaningful if the operator’s registration number can be verified on the Curaçao Gaming Authority register. Plenty of sites display a logo with no valid number behind it. That is not a licensing technicality. It is a signal that the operator may not be licensed at all.

How to choose a no-KYC casino without getting burned

Choosing a no-KYC casino is an exercise in reading the boring parts. The marketing page tells you what the operator wants you to think. The terms and conditions tell you what the operator will actually do when money is on the line.

Start with the licence. A UKGC licence is the only one that gives you Gamstop protection, IBAS dispute resolution and segregated funds. An offshore licence is a different product with different risks. Neither is inherently illegitimate, but they are not interchangeable, and a casino that blurs the distinction in its marketing is already being dishonest about something.

Then look at the withdrawal terms. What is the pre-verification withdrawal limit? What documents are requested, and how long does the review take? Is there a maximum cashout on the bonus? Are there “bonus abuse” clauses that allow the operator to void winnings at its discretion? A casino that answers these questions clearly on its terms page is more trustworthy than one that hides them behind a support chat.

• Verify the licence number on the regulator’s public register, not just the logo on the site.
• Test a small withdrawal before you deposit serious money.
• Read the withdrawal section of the terms, not the bonus page.
• Check independent complaint forums for patterns of confiscation or delayed payouts.
• Confirm whether the casino integrates with Gamstop, and understand what that means if you self-exclude.

The last point matters more than most players realise. Gamstop is a free self-exclusion scheme that blocks you from every UKGC-licensed operator for a period you choose: six months, one year or five years. More than 614,000 people were registered by mid-2026, and half had chosen the five-year option. Offshore casinos are not part of Gamstop. If you self-exclude because you have a gambling problem, an offshore casino will still accept your registration. That is not a feature. It is a trap, and it is the strongest argument against using non-Gamstop sites if you have any history of losing control.

Responsible gambling when KYC is minimal

Minimal verification is not the same as minimal risk. If anything, the absence of friction makes it easier to deposit more than you intended, chase losses and lose track of time. The tools that protect you at a UKGC-licensed casino — deposit limits, loss limits, time-outs, reality checks and self-exclusion — exist because the regulator requires them. Offshore casinos may offer some of these tools, but they are not mandatory and they are not enforced to the same standard.

If you are going to play at any casino, set a budget before you open the site. Not a “I’ll see how it goes” budget. A number. Then use the deposit limit tool to enforce it. If the casino does not have a deposit limit tool, that is your answer: do not play there.

Gamstop is the nuclear option, and it works. It is free, it covers every UKGC-licensed operator, and it can be set for six months, one year or five years. It does not cover offshore casinos. If you have self-excluded through Gamstop and you are still looking for a no-KYC casino, you are not looking for entertainment. You are looking for a way around your own decision. That is the moment to talk to someone, not to open a crypto wallet.

Support organisations in the UK include GamCare, the National Gambling Helpline and BeGambleAware. They are free, confidential and not affiliated with any casino. The fact that this paragraph exists at the end of a 7,000-word article about no-KYC casinos is not an afterthought. It is the most important paragraph on the page.

Is there a truly no KYC casino in the UK?

No. Every casino holding a UK Gambling Commission licence must verify your name, address and date of birth before you gamble, under Licence Condition 17.1.1. What varies is the method: electronic checks against credit reference and electoral roll data can complete in seconds without you uploading a document. A casino that claims to skip verification entirely is either offshore or misdescribing its own terms.

Can UK players use offshore no-KYC casinos legally?

Placing a bet at an offshore-licensed casino is not a criminal offence for the individual player under the Gambling Act 2005. The offence sits with the operator that provides gambling facilities to people in Great Britain without a UKGC licence. The practical risk is not prosecution; it is the absence of UK consumer protection, Gamstop coverage and a meaningful complaints route if the operator refuses to pay.

What is the fastest withdrawal no-KYC casino for UK players?

Among UKGC-licensed operators, e-wallet and Trustly withdrawals at Bet365, MrQ and 888 typically process within one to two hours after approval. Offshore crypto casinos can be faster in raw transaction terms, sometimes five to thirty minutes, but the speed depends on whether the withdrawal triggers a KYC review. A “fast” casino that requests documents at £1,000 is not fast when you need it most.

Do no-KYC casinos offer no deposit bonuses?

Some do, but the terms are usually tighter than the headline suggests. UKGC-licensed operators cap winnings from no-deposit free spins, often at £10–£50, and apply the 10x wagering cap that took effect in January 2026. Offshore casinos may offer larger spin packages with 40x wagering and maximum cashout limits that make the “free” element largely theoretical. Read the cashout cap before you claim anything.

How much can I withdraw from a no-KYC casino before ID is requested?

At offshore casinos, the median pre-verification withdrawal limit in early 2026 was around £1,000, with a range from £500 at some Anjouan-licensed brands to £5,000 at one Curaçao site. At UKGC-licensed casinos the question does not apply in the same way: verification happens before you gamble, so there is no “pre-ID” withdrawal window. The ID request is front-loaded, not deferred.

Are no-KYC casinos safe?

“Safe” depends on what you mean. A UKGC-licensed casino with silent electronic verification is safe in the sense that your funds are segregated, Gamstop applies and you have a regulator to complain to. An offshore no-KYC casino is safe only in the sense that gambling is not illegal for the player. Your money is not segregated, your dispute route is weak, and the operator can change its withdrawal threshold after you have deposited. That is not a safety feature. It is a counterparty risk.