Crypto Wallet MyEtherWallet Introduces KYC-less Crypto “Exit-to-Fiat” Gateway

Announcements, Innovation, News | February 22, 2019 By:

MyEtherWallet (MEW), an open-source, client-side interface for generating crypto wallets, has integrated with Switzerland-based bitcoin broker Bity to allow MEW V5 users to exchange crypto to fiat without needing to be verified.

MEW’s partnership with Bity, which provides crypto finance services for clients all over the world, allows it to offer crypto to fiat transfers of up to approximately 5,000 Swiss Francs ($5,000 USD) worth of bitcoin and ethereum – with no personal know-your-customer/anti-money-laundering (KYC/AML) checks required.

“The MEW V5 integration lets our users take advantage of Bity’s crypto-fiat gateway from any part of the world,” MEW sad=id in blog post. “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.”

To use the Exit-to-Fiat option, users will need to navigate to the Swap page in the wallet dashboard, and choose the target cryptocurrency and fiat currency. Users will be asked for their phone number. After entering, users will verify the number by providing the verification code they will receive via text message. Once verification is complete, Bity will ask for banking details, which include IBAN number, BIC/Swift code, and ABA number.

“This Exit-to-Fiat gateway is a gamechanger for cryptocurrency users around the world because it allows people to exchange crypto to fiat without needing to be KYC verified,” said Kosala Hemachandra, CEO and Founder of MEW.