MyEtherWallet is an Ethereum Wallet introducing crypto-to-fiat withdrawals without the need to submit any personal identification documents. Unlike any other exchange systems, users need not complete any know-your-customer(KYC) verification process.
Basically, the wallet integrates with BITY. This allows MEW V5 users to exchange crypto to fiat without KYC verification, up to CHF 5000. For the very first time, it is now possible to exchange, Bitcoin and Ethereum with Euros and Swiss Francs, within the wallet.
We are thrilled to announce a new integration with our long-time partner @bity :
See our Medium for details!https://t.co/KItbYYgbXm
— MyEtherWallet | MEW (@myetherwallet) February 20, 2019
In the official announcement, the MyEtherWallet said,
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.
How Does Bity Work?
Bity is a fully regulated and audited brokerage company located in Switzerland. It provides leading crypto finance services for clients all over the world. While accessing the user’s crypto funds through Bity ATM, it is quite convenient if the user is in Switzerland. Hence, the MEW V5 integration lets the users to take advantage of Bity’s crypto-fiat gateway from anywhere in the world.
Moreover, with cryptocurrency market spreading wider and wider each day, government and other regulatory bodies around the world have mandated that all crypto exchanges comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
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