MEW Introduces KYC-less Crypto “Exit-to-Fiat” Gateway, Powered by Bity
Having taken an active part in the Ethereum ecosystem and the cryptocurrency space for some years, we believe that mass adoption, market stability and advanced scaling solutions will eventually make it possible to conduct all financial transactions — from paying for the proverbial coffee to buying a home — entirely in crypto.
Until then, the option of a painless exit to fiat currencies will remain a high priority for many crypto users. At the moment, crypto exchanges are the main gatekeepers between crypto and traditional finance, and the quality of user experience on these platforms varies greatly. Sometimes, the number of “hoops” to jump through in order to comply with KYC and AML requirements can frustrate experienced crypto investors and entirely deter the most enthusiastic crypto beginners.
Today, we are excited to reveal a new integration with Bity which allows MEW V5 users to exchange crypto to fiat without needing to be KYC verified, up to CHF 5000 (which happens to be approximately equal to USD 5000). For the first time, Bitcoin and Ethereum can be exchanged seamlessly with Euros or Swiss Francs, right inside the wallet.
How it works
Bity is a fully regulated and audited brokerage company based in Switzerland, providing leading crypto finance services for clients all over the world. Bity operates a network of crypto ATMs across five cities in Switzerland, with more locations coming soon. While accessing your crypto funds through a Bity ATM is very convenient if you are in Switzerland, the MEW V5 integration lets our users take advantage of Bity’s crypto-fiat gateway from any part of the world.
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.
Using Exit-to-Fiat on MEW V5
To try out the Bity “Exit-to-Fiat” integration, navigate to the Swap page in your wallet dashboard. Choose either ETH or Bitcoin on the left side (‘From’) and either Swiss Francs or Euro on the right side (‘To’), and then select Bity in the Providers section below.
Select ‘Continue’ to navigate to the next step of the swap. You will be asked for your phone number. After entering, you will verify the number by providing the verification code you will receive via text message.
Once verification is complete, Bity will ask for banking details. This includes your IBAN number, BIC/Swift code, and ABA number.
Lastly, you will be asked for the official name on your bank account and your billing address. Remember, MEW will never store any of your information! Bity must request this data for compliance purposes, but MEW does not save it and will never use it to contact users.
Check the details of the transaction, confirm, and your swap will be finalized. You’re done!