One of the most talked-about issues in crypto is the issue of privacy. It is heavily debated in the context of privacy coins used for crime and also in terms of whether blockchains should ensure anonymity, particularly when it is being used by tyrannical governments.
Another aspect of privacy when it comes to crypto is the topic of know-your-customer (KYC) requirements that ensure that those who trade on crypto exchanges must provide valid identification to the platform, especially with transactions that exceed certain amounts and in countries that are enforcing strict crypto tax laws.
Now, MyEtherWallet is providing its users with a way to get around this as on February 20, 2019, they announced that they would be partnering with Bity, a crypto finance company, to provide a platform where users can conduct crypto transactions of up to $4,995 in bitcoin and ether to Euros and Swiss Francs without the need for KYC protocols. The exchanges to be made on the platform can be done from anywhere in the world.
“Today, we are excited to reveal a new integration with Bity which allows MEW V5 users to exchange crypto to fiat without needing to be KYC verified, up to CHF 5000 (which happens to be approximately equal to USD 5000). For the first time, Bitcoin and Ethereum can be exchanged seamlessly with Euros or Swiss Francs, right inside the wallet,” the announcement said.
How It Works
To access this new function, users are required to log in to their accounts. After this, they will need to navigate to the swap page in their wallet dashboard. They then need to choose either ETH or BTC on the left side (“From”) and either Swiss Francs or Euro on the right side (“To”), and then select Bity in the providers’ section that will appear below.
After this, users are to select “Continue” to navigate to the next step of the swap. They will then be required to provide a valid phone number and then type in a verification code that will be sent to the phone number.
Once verification is complete, Bity will require banking details such as IBAN number, BIC/Swift code, and an ABA number. The official name on the bank account and the billing address will be required, though that information is not stored.