Users of newly redesigned MEW V5 can now swap bitcoin or ethereum to Swiss francs or euro, direct from the wallet, through crypto finance platform Bity. The maximum amount for crypto-to-fiat exchange is 5,000 Swiss francs (CHF), approximately $5,000. Know-your-customer verification is not required
Generally, users are obligated to submit their documents to satisfy KYC and AML requirements. In an effort to simplify the process, software wallet provider My Ether Wallet (MEW) integrates with Bity to provide users with a KYC-less crypto-to-fiat ‘exit.’
For compliance purposes, users using the MEW-Bity integration are required to submit personal information:
- Phone number (for verification)
- Bank details (IBAN number, BIC/SWIFT code, and ABA number)
- Bank account official name
- Billing address
MEW believes that digital coins can be used in all forms of everyday financial transactions, ‘from paying for the proverbial coffee to buying a home,’ according to their blog post announcement. But before that mainstream adoption, market stability, and better scaling must occur.
Bity: Frictionless, Safe, and Regulated
Bity was founded in 2014 by Alexis Roussel, Romain Braud, Yves Honoré and Gian Bochlser. It is a regulated and audited Swiss-based brokerage that streamlines the method of exchanging cryptocurrencies to regular money. It has a network of crypto ATMs in five cities across Switzerland.
Regulatory-wise, Bity complies with the Swiss Anti Money Laundering Ordinance guidelines. The platform is equipped with technology that aids in verifying proof of wallet-ownership.