MyEtherWallet crypto wallet partnered with the crypto finance company Bity to release a cryptocurrency converting platform to fiat currency without the Know Your Customer (KYC) requirements according to the announcements published in a blog post that reached our blockchain news today.
According to the announcement, users of the MyEtherWallet are now able to exchange about 5,000 Swiss Francs worth of Ethereum and Bitcoin to euros without going through KYC requirements within the wallet. Users can make the exchanges no matter where in the world they are.
The KYC requirements enable organizations to verify the identity of the customers. All of the businesses can assess whether their clients are conducting illegal activities.
Customers that use the ‘’Exit-to-Fiat’’ option have to choose the digital and fiat currencies in the dashboard of the wallet and will later be asked to provide personal data such as bank account number, billing address, phone number etc. The anonymity of cryptocurrencies gets constantly linked with the government’s regulators illicit activities such as last month when the Cyberspace Administration of China introduced a new set of regulations for blockchain companies.
The new regulations require for all of the blockchain startups to allow access for authorities to stored data and to implement procedures that require ID card or mobile phones from the users.
Back in April 2018, Amazon Technologies received a patent for streaming data marketplace that enables the real-time tracking of all the cryptocurrency transactions but also allows for data information for all the users involved. This could eventually lead to deanonymization of the crypto transactions done with Bitcoin or Ethereum.
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