Image Credit: Chronobank
Cryptocurrency wallet MyEtherWallet (MEW) in collaboration with crypto finance firm Bity announced on Feb 20 in a blog post that they are releasing a platform to convert cryptocurrency to fiat without Know Your Customer (KYC) requirements.
As per the announcement, users of the MEW V5 wallet are now able to exchange up to 5,000 Swiss Francs ($4,995) worth Bitcoin (BTC) and Ethereum (ETH) to euros and Swiss francs without going through KYC requirements inside the wallet. Now users can make the exchange from any part of the world without any hindrance.
Bity supports movements of up to 5,000 CHF (roughly $5,000) without a KYC verification process. According to a press release, Bity is an entirely legal service under Swiss laws.
Alexis Roussel, the founder, and CEO of Bity highlighted that “verify proof of wallet-ownership” without requiring users to provide personal information to validate their identities. He also pointed out that it would open up a new avenue for users, providing access to fiat-crypto exchange services outside the established platforms.
“This Exit-to-Fiat gateway is a gamechanger for cryptocurrency users around the world because it allows people to exchange crypto to fiat without needing to be KYC verified,” said Kosala Hemachandra, CEO and Founder of MEW, in a press release.
The announcement of the new platform coincides with the launch of the fifth version of MEW. In this update, the wallet’s UX/UI has been made more beginner-friendly. Additionally, a new Changelly-powered exchange interface has been added.
KYC checks have become a regular part of almost every cryptocurrency exchange, even those that don’t allow their users to exchange in crypto for fiat.
United States government and other governments around the world are putting significant pressure onto these services to add KYC so that users will have a tougher time evading the taxes. A recent example of ShapeShift, a crypto-to-crypto exchange, was ordered to add KYC requirements after resisting pressure from regulators for months.