One of the most well known ethereum wallets, My Ethereum Wallet,has introduced fiat withdrawals without the need for Know Your Customer (KYC). The wallet has integrated 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 seamlessly exchanged with Euros and Swiss Francs, inside the wallet.
For the uninitiated, Bity is a regulated and audited brokerage company based in Switzerland, and also operates many cryptocurrency ATMs, across five cities in Switzerland. While, it is convenient for cryptocurrency users in Switzerland to withdraw through BITY-powered ATMS, MEW V5 users will also have an easier time withdrawing fiat currencies.
In an announcement, the wallet said, “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.”
The wallet was last in the news, when it published the announcement that it had been hacked due to a Google Public DNS hack and users had lost almost $150,000. The attack had taken place on Hola’s VPN service for a duration of five hrs, and during the duration of attack the browser activity of users who had Hola extensions installed in their Chrome browsers might have been logged by the attackers, as earlier reported by Crypto-News India.
The company had asked the users to move their funds and had said, “The safety and security of MEW users is our priority. We’d like to remind our users that we do not hold their personal data, including passwords so they can be assured that the hackers would not get their hands on that information if they have not interacted with the Hola chrome extension in the past day.”
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