MyEtherWallet (MEW) in collaboration with crypto finance firm Bity are releasing a platform to convert to fiat without Know Your Customer () requirements. MEW announced the in a published on Feb. 20.
Per the announcement, users of the MEW V5 are now able to exchange up to 5,000 Swiss Francs ($4,995) worth () and () to euros and Swiss francs without going through KYC requirements inside the . Users can purportedly make the exchange from any part of the world.
KYC procedure enable organizations to verify the identity of their before or during dealing with them. Businesses can assess whether their clients are involved in illegal activities like money laundering or corruption.
To use so called “Exit-to-Fiat” option, have to choose the target digital and fiat currencies in the dashboard. Users will further be asked to provide some personal data, including their phone number, banking details, official name of their account, and the billing address needed for compliance purposes.
Enhanced privacy and anonymity of have always been by the governments and regulators to illicit activities and the possibility of money laundering. Last month, the Cyberspace Administration of (CAC) new regulations for firms that are operating in the country.
The CAC guidelines require startups to allow authorities access to stored data, and to introduce registry procedures that would require ID card or mobile numbers from its users. Moreover, they will be obliged to oversee content and censor information that is prohibited under current Chinese law.
In April 2018, Amazon Technologies, Inc. a patent for a streaming data marketplace that would permit the combining of multiple data sources, thereby enabling the real-time tracking of transactions and the users involved. This would essentially lead to the de-anonymization of transactions involving , or any other non-privacy .
Published at Fri, 22 Feb 2019 01:12:00 +0000
