Cryptocurrency wallet MyEtherWallet (MEW) in association with crypto investment company Bity has launched a platform to convert cryptocurrency to fiat without Know Your Customer (KYC) specifications. MEW declared the news in a blog post issued on Feb. 20.
According to the announcement, this enables MEW V5 users to swap crypto to fiat without requiring to be KYC tested, up to CHF 5000 (which appears to be roughly equal to USD 5000). For the first time, Bitcoin and Ethereum can be switched with Euros or Swiss Francs. The blog further elaborated that, this peculiarity was made possible due to the action that Bity is docile with Swiss Anti Money Laundering Ordinance (AMLA) and it is a standardized and audited commercial delegate in Switzerland.
KYC method allows companies to check the identification of their clients before or during trading with them. Companies can evaluate whether their clients are implicated in illegal activities like money laundering or corruption.
How does it work?
To apply the announced Exit-to-Fiat option, clients have to pick the destination digital and fiat currencies in the wallet dashboard. After that user will moreover be demanded to give some individual information such as their phone number, trading aspects, the formal name of their bank account, and the billing address needed for compliance purposes.
Bity runs a network of crypto ATMs over five cities in Switzerland, with more places coming soon. While obtaining the crypto funds through a Bity ATM is useful if the client is in Switzerland, the MEW V5 synthesis allows users to take benefit of Bity’s crypto-fiat gateway from any part of the world.
Per the report, users of the MEW V5 wallet are now ready to swap up to 5,000 Swiss Francs ($4,995) worth Bitcoin (BTC) and Ethereum (ETH) to euros and Swiss francs without KYC conditions inside the wallet.
To use this service, users have to go to the Swap page in the wallet dashboard. Pick either ETH or Bitcoin on the left side (‘From’) and either Swiss Francs or Euro on the right side (‘To’), and then pick Bity in the Providers section.
After that, Choose ‘Continue’ to sail to the next step of the swap. Enter the phone number. After entering, users will confirm the number by giving the OTP message. Once confirmation is finished, Bity will demand banking information. This covers the clients’ IBAN number, BIC/Swift code, and ABA number. Finally, users will be requested for the formal name on their bank account and their billing address.
MyEtherWallet (MEW) is a free, client-side interface platform which enables users to create wallets and communicate with smart contracts. It gives three methods to create a new ETH wallet. These are via MEWconnect, Keystore file, or Mnemonic phrase. It allows anyone with a balance of ETH or ERC20 tokens transfer a transaction, without extra costs. Using the Ethereum blockchain catches gas, which is funded for in ETH.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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