Altcoin News: MyEtherWallet Will Start Converting Cryptocurrency into Fiat Without Verification

February 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

A popular wallet MyEtherWallet in collaboration with the Swiss company Bity will provide users with the opportunity to exchange cryptocurrencies for fiat without a verification procedure.

Bity provides cryptocurrency services to residents of different countries and serves a network of ATMs across five cities in Switzerland. The possibility of withdrawal of cryptocurrency in Fiat without verification is possible under the local law on combating money laundering.

The developers of MyEtherWallet believe that complex KYC procedures take a lot of time, it “frustrates experienced investors and can frighten beginners”.

Now wallet users can exchange BTC and ETH in their wallet for their preferred fiat currency, specifying Bity as the service provider.

It is enough for the user to provide the phone number to which the SMS with the confirmation code will be sent, as well as the bank account details and the billing address of the corresponding cryptocurrency.

MyEtherWallet clarifies that it does not store this information and will not use it to communicate with users, but will provide it to Bity in compliance with legal requirements. The size of the operation is limited to 5,000 Swiss francs (about $5,000).

“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” the company said.

Author: Marko Vidrih