Companies active in the cryptocurrency world need to keep growing and evolving at all times. That is often easier said than done for most service providers. MyEtherWallet has introduced a new feature which many users will enjoy. Users can exchange crypto to fiat without KYC verification.
An Unexpected Gift From MyEtherWallet
Most cryptocurrency enthusiasts are familiar with the MyEtherWallet platform. It is a user-friendly way of dealing with Ethereum balances, ERC20 tokens, and even swaps between supported currencies and tokens. It offers quite a bit of functionality for users to benefit from, although the team has been looking for ways to attract even more users in the future.
One way of doing so is by enabling a feature a lot of users can get behind. For the MEW team, that feature comes in the form of introducing crypto to fiat conversions. While there is no need for users to go through a KYC verification procedure, one has to keep in mind there will be some limitations in place. For example, it is not possible to convert more than CHF 5,000 at this time.
To put this in perspective, the MyEtherWallet team is working together with Bity to provide this functionality. More specifically, Bity is a Swiss brokerage firm which provides crypto services to its clients. While their focus primarily lies on Crypto ATMs, it would appear the integration with MEW brings their crypto-fiat gateway to anyone in the world. That also means users will not need access to one of the company’s ATMs to obtain their cash.
Some people may wonder how these companies can provide such a service without KYC verification. Especially in Europe, companies are forced to verify the identity of all their users these days. Bity is compliant with Switzerland’s AMLA and uses “proof of wallet ownership” to remain compliant. A bit of a different approach to adhering to these guidelines, but it seems this cause no problems with the Swiss government so far.
There is a minor bit of verification users will have to go through. Confirming they own a phone number is not the biggest hurdle in this industry. All Bity needs are the bank details, which will not be stored by the MyEtherWallet team. This functionality will be quite valuable to a lot of users. The main question is whether these limits can be lifted at some point in the future. It appears this limit applies to individual transactions, rather than a “hard cap” per account.
A lot of cryptocurrency users are looking for ways to bypass KYC requirements when converting Bitcoin and altcoins. At this time, MEW facilitates Bitcoin and Ethereum conversions to and from Euros and Swiss Francs. This is a very remarkable development for the crypto industry as a whole. Solutions like these are direly needed to attract more investors and speculators in the future.