MyEtherWallet which is one of the most popular Ethereum and ERC20 dedicated wallets available in the crypto market will allow fiat withdrawals in its next update.
The service will be called ‘Exit-to-Fiat gateway’ and will allow Bitcoin (BTC) and Ethereum (ETH) to be converted to Euros (EUR) and Swiss Francs (CHF). According to the information available, the limit for KYC-less transfers is 5,000 CHF which is around $5,000.
Bity has integrated to help MEW carry out the crypto to fiat withdrawals without KYC. Bity is known to have a wide range of ATM around Switzerland and so is experienced in governing Cryptocurrency rules and regulations. It’s added compliance with the Swiss Anti Money Laundering Ordinance (AMLA) makes it the ideal partner for MEW to maximize on their crypto to fiat withdrawals.
MEW’s updated version 5 will consist of the new feature along with an improved UX/UI thus making it more user-friendly especially for beginners. The added feature of Changelly allows for a newer exchange interface too.
The key takeaway in the crypto to fiat service by MEW is the absence of a KYC requirement. KYC entails a lot of personal details about a customer, which in today’s day and time is very sensitive given that many companies have misused private data.
However, the scenario for MEW could change if it ever decides to add USD as a withdrawal option given the US governments pressure onto services combining KYC for its users.
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