Popular crypto wallet, MyEtherWallet (MEW) and crypto finance platform, Bity, have partnered together to unveil their latest service, Exit-to-Fiat Gateway, a fully regulated crypto-to-fiat withdrawal system which doesn’t require its users to pass Know-Your-Currency (KYC) checks.
The new service allows the easy exchange of Bitcoin (BTC) and Ethereum (ETH) into Euros or Swiss Francs.
CEO and Founder of MEW, Kosala Hemachandra, announced in the latest press release,
“This Exit-to-Fiat gateway is a game changer for crypto currency users around the world because it allows people to exchange crypto to fiat without needing to be KYC verified”.
This latest feature offered through MEW version 5 has been made possible due to Bity’s strong, well-established compliance with Swiss Anti Money Laundering Ordinance (AMLA). Bity is also a regulated and audited financial intermediary in Switzerland.
Bity has a wide network of crypto ATM’s in various Swiss cities including, Zurich, Basel and Zug.
Alexis Roussel, Founder and CEO of Bity has highlighted that their technology can “verify proof of wallet-ownership” without the need for users to provide lengthy personal information to validate their identity. It also enables users easy access to fiat-crypto exchange services outside the establishment platforms.
“Out technology will finally open doors for users to access a crypto currency exchange service that is KYC-less, yet regulatory compliant” Roussel states.
MEW’s latest updated service is more user friendly especially for beginners entering the crypto exchange market. Providing a wide choice between exchange services, effectively allowing its users to ‘shop around’ for the best exchange rates and offers available at the time. This in turn will hopefully lower transaction fees and will make the exchange aspect of the sector much more competitive in the near future.
The key takeaway in the crypto to fiat service offered by MEW is the absence of a KYC requirement. KYC is a process cringed upon that many crypto currency exchanges need to enforce on their users for legal, regulatory and security reasons.
KYC demands a string of personal details about a customer, such as a large amount of documents, proving there identity through ID cards, passports and more often than not a seflie holding various papers with specific writing on them. In this day and age people are sceptical of offering out so much sensitive information however, this is not a new practice, this was originally a requirement of traditional banks.
With this latest service now on offer we can only strongly assume that many other crypto currency exchange platforms will now follow suit and offer compromises on KYC, making their platforms more user friendly and streamlined for their every day consumer.