New Platform Converts Crypto to Fiat Without Know Your Customer Requirements

Crypto wallet MyEtherWallet in collaboration with crypto finance firm Bity have launched a platform for the conversion of crypto to fiat without going through KYC requirements.

Cryptocurrency wallet MyEtherWallet (MEW) in collaboration with crypto finance firm Bity are releasing a platform to convert cryptocurrency to fiat without Know Your Customer (KYC) requirements. MEW announced the news in a blog post published on Feb. 20.

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. Users can purportedly make the exchange from any part of the world.

KYC procedure enable organizations to verify the identity of their customers before or during dealing with them. Businesses can assess whether their clients are involved in illegal activities like money laundering or corruption.

To use so called “Exit-to-Fiat” option, customers have to choose the target digital and fiat currencies in the wallet dashboard. Users will further be asked to provide some personal data, including their phone number, banking details, official name of their bank account, and the billing address needed for compliance purposes.

Enhanced privacy and anonymity of cryptocurrencies have always been linked by the governments and regulators to illicit activities and the possibility of money laundering. Last month, the Cyberspace Administration of China (CAC) introduced new regulations for blockchain firms that are operating in the country.

The CAC rules require blockchain startups to allow authorities access to stored data, and to introduce registry procedures that would require ID card or mobile numbers from its users. Moreover, they will be obliged to oversee content and censor information that is prohibited under current Chinese law.

In April 2018, Amazon Technologies, Inc. received a patent for a streaming data marketplace that would permit the combining of multiple data sources, thereby enabling the real-time tracking of cryptocurrency transactions and the users involved. This would essentially lead to the de-anonymization of transactions involving Bitcoin, Ethereum or any other non-privacy cryptocurrency.

Visit the USSA News store!
Click this link for the original source of this article.
Author: Ana Alexandre


This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.