MyEtherWallet unveiled a fully regulated crypto-to-fiat withdrawal system without the need for a Know Your Customer [KYC] system, in yet another development that reflects the optimism in what has largely been a bearish cryptocurrency market over the past year.
Kosala Hemachandra, the CEO and Founder of MyEtherWallet stated,
“This Exit-to-Fiat gateway is a game changer for cryptocurrency users around the world because it allows people to exchange crypto to fiat without needing to be KYC verified.”
MyEtherWallet will allow cryptocurrency holders to exchange cryptocurrencies such as Bitcoin [BTC] and Ethereum [ETH] for Swiss Francs [CHF] or Euros [EUR]. According to reports, users will be able to transfer cryptocurrencies up to $5000, without going through the KYC process.
The exchange achieved the KYC-less process by partnering with Bity. MyEtherWallet’s official handle tweeted,
“We are thrilled to announce a new integration with our long-time partner @bity :A #KYC -less Exit-to-#Fiat gateway that allows MEW users to exchange #Bitcoin or #Ethereum to Swiss Francs or Euros seamlessly inside the wallet.”
Bity’s integration allows seamless integration of the KYC-less system with MyEtherWallet. Officials from Bity also confirmed that the technology and the partnership could “verify proof of wallet ownership.” This feature allows users to confirm their identity, without having to reveal personal information. The CEO of Bity, Alex Roussel said,
“Our technology…will finally open doors for users to access a cryptocurrency exchange service that is KYC-less, yet regulatory compliant.”
MyEtherWallet also said that security and trust is a key aspect of the partnership, something highlighted in the company’s official blog. It read,
“Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.”
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