The On-Ramp Revolution: No-KYC Purchases via Mercuryo
Onboard new customers much faster and easier. Legally.
It’s hard to believe, but just a few years ago, buying cryptocurrency for the first time was not accompanied by dusting off your ID and taking a selfie. The digital asset space was fresh and new, completely unregulated, and there weren’t many platforms that offered crypto purchases whatsoever.
Today, you can easily buy some coins with your regular credit or debit card as long as you’re willing to share your personal information with the exchange. KYC (know your customer) is a standard procedure to protect both customers and trading operators. However, many users find it inconvenient and contradictory to the very purpose of cryptocurrency.
Recently, Mercuryo introduced crypto purchases up to €900 without KYC. This post will explain what it means and how we made that possible.
From Users’ Perspective
No KYC purchases are now available for Mercuryo’s new users. Previously, to make your very first purchase in the wallet, you had to provide an ID and take a selfie with the document. The verification process takes 5 to 10 minutes, and it is only necessary to undergo it once. After checking the documents, the platform allows you to buy and sell crypto freely.
Currently, if you want to buy small amounts of cryptocurrency, you can do so without verifying your identity. Just register, fill in your card info, specify the amount, and as long as it’s less than €900, you’ll get your coins on balance.
However, it doesn’t mean that anyone can make multiple small purchases to avoid verification, as each user is limited to €900. Our anti-fraud system monitors all transactions, and this protective layer cannot be bypassed. This way, if a person tries to register an alternative account using a different device and IP address, the system will detect it and won’t let them execute another KYC-free purchase.
‘The No KYC €900 programme is by no means a loophole’, — says Adam Berker, Mercuryo’s Senior Legal Counselor. ‘It is a helpful initiative aimed to make beginners’ first steps in crypto a little easier. We believe that the €900 sum is just about enough to get a taste of what crypto space has to offer without compromising platforms’ and users’ safety.’
From The Legal Perspective
Now, is this even legal? Since one of Mercuryo’s inviolable commitments is to operate in accordance with the law, you can rest assured that we always stay compliant.
Recently, we’ve opened a company in Lithuania and officially registered as an operator of virtual currency exchange and as an operator of depository virtual currency wallets. These documents recognise Mercuryo as a legitimate exchange and wallet provider, obliging us to follow relevant local rules. At the same time, we also gained the right to reap the benefits.
According to Lithuania’s , exchanges must identify the customer if they want to buy or withdraw funds amounting to €1,000 or more. Consequently, purchases under €1,000 do not require verification checks. Keeping in mind that the EU area hasn’t yet introduced a universal regulatory system, it gives us the right to use Lithuania’s guidelines as the act to build upon.
However, we figured that a thousand euro sum is big enough to attract unwanted attention from all kinds of swindlers. As global practice shows, €900 is an optimal amount, so Mercuryo decided to start with it as well.
From Our Partners’ Perspective
No KYC purchases are great news for Mercuryo wallet users and all our partners who leverage Mercuryo’s on- and off-ramp solutions. The opportunity to offer simplified crypto purchases gives businesses a competitive edge in the market and a chance to acquire a new category of customers.
Clients with little to no previous experience are more likely to start investing small amounts of money via a platform that features a seamless user experience. For instance, 90% of bank customers are more likely to give up an onboarding process if it takes more than an hour to complete. Crypto enthusiasts are often even less patient and not very keen on sharing their data whatsoever. No KYC ‘trial period’, in turn, is a great way to introduce your services and gain customers’ trust.
Meanwhile, Mercuryo offers an advanced level of security provided by the state-of-the-art anti-fraud system guaranteeing that nobody can use this promotion for fraudulent purposes.
The Bottom Line
Mercuryo’s new development, crypto purchases up to €900 without KYC, is yet another step to simplify an entry point to the world of crypto. The offer is entirely legal and works for both wallet users and business partners that use our on- and off-ramp solutions.
Originally published at https://blog.mercuryo.io.
