Bitcoin Forum

MEW introduced a new crypto - fiat gateway few days ago with Bity. Only thing you will need is phone number for confirmation code and bank account details which they promised won't be stored.

I'm happy for this news, going to try it out for sure, haven't done it yet. So if someone does before I get chance, please share the impressions.

Here is the link with the article and guide for anyone interested and wiling to give it a go.

https://medium.com/myetherwallet/mew-introduces-first-kyc-less-crypto-exit-to-fiat-gateway-powered-by-bity-a24b6aa3e3c4

When I first read this I was confused as how this is possible. Then I read this
Man the Swiss sure know their banking gateway workarounds lol
https://medium.com/myetherwallet/mew-introduces-first-kyc-less-crypto-exit-to-fiat-gateway-powered-by-bity-a24b6aa3e3c4 (same source as OP)

 Really interesting. So Anyone could use their ATM to exchange ETH for fiat using MEW. And it is up to 5000USD. BUT, you will have to give a phone number, your bank account information and other identification numbers. I do not think it is right say "without KYC" and them asking for those details.

If you do try to read it up again you would really realize that the statement itself is really contradicting.When we do talk or metioned KYC-less
then its really totally free from gather possible informations into its users but to think off on how you would transfer your converted cash to your bank accounts if you wont
give out that necessary information? You wont really have any choice.

I think KYC-less when you would still be required to give out phone number etc , is still same of same. The data will be there in the web to access , just my mind...

KYC-less is about the part if you use ATM on the spot.In that case you don't need your bank account to cash out, only phone number. It is easy to get a phone number without any info attached to it.

That system will not work here iny my country.

Central Banks here will not allow that kind of system especially if it's crypto related. There should be KYC. The company must comply with the terms since crypto related firm is almost related to banking system.

Anyways that's a nice feature and hope that it will bring advantages for those crypto users there.

KYC process is time consuming and that's the only reason why i want to skip it. Otherwise i don't personally dislike KYC.
This MEW gateway will be convenient for users to exchange their assets (cryptos or fiat). But i beleive still we need KYC implementation worldwide for global adoption of cryptos.

Exactly, you still have to give a lot of information and although it will not be save, but still you are giving away so much data here that I wouldn't say its without KYC, to be honest. I thought it was just your phone number for verification or something, but it's not so I don't know who the crypto sphere will react on this one.

What is KYC- less after giving out your phone number and bank details which of course contain your vital information invariably you had already given out or reveal your identities via those two media both phone number  and bank account requires full details of owner thus you are indirectly doing KYC.

We would really go into that path no matter what.When we do mention about global adoption then KYC thing is always tied up so its better for yourself
to get used on how things would be done with these transactions.

This situation isnt a KYC less since you do still give out various informations about you.

It's not all that same, KYC mostly demands for valid identification or passports which has the user IDs number and other sensitive data. Phone numbers is still considerable regarding the fact that may users might want to protect their account through 2fA authentication which is effective for more security purpose than mere password.
If they can truly keep to their words in protecting the phone number as promised.. then it's a plus.

Well sure MEW won't store the information (phone number, full name, billing address, iban), but what about bity? I'm not sure how can they be regulated and not store it. But i guess it's better than undergoing an actual kyc... tho bity's reputation would be a different story, I don't know much about them.

I don't have any issues with phone number, that is like giving no data at all to me. SMS cards cost less then 20 cents or so,  you can use one SMS card / one phone number for one transaction. Burner phone is cheap.

But what about your bank details? I doubt it they won't save this and bity will be more like a third party? Even this feature will be available in my country I wouldn't trust this, it will be like a double kill for me.
Why not leave MEW the way it is, definitely innovation is good but if it will just compromise the privacy then it's another story.

Yeah, probably MEW should be stay on their true passion as a wallet but maybe they need to innovate at some point. But we all know that we don't like this kind of stuff though, most of crypto users are very passionate about data protection so it might back fired on them as some point, just saying.

And yes, I won't used that feature because I simply won't blindly trust anyone specially with my personal info no matter what safety net they're going to used.

Most users wish to be anonymous in the cryptocurrency network. This feature will take away the anonymous feature of the user, though it is good to use most won't be giving a try. Later years when the crypto usage around the world increases more people might prefer these services.

OK, fine. Bank account and phone number? Still KYC but if that's the only thing required, and the information isn't stored, it's a heck of a lot better than what I'm used to. I verified even for my LBC account so there's that.

Now if I can access this even from outside EEA, without paying Bity fees, this is a gem. I'll be trying this out as soon as possible once I've read all the pertinent.

If you are using an ATM you just need phone number for verification code, you don't need to give your bank details as you are getting the cash on the spot. Same as BTC atm's.


I use BTC atm's regularly, but didn't have a chance to try it out this way yet. It would be cool if you share the impressions after you try it out.

Does anyone know what the fees are like for this? If it's cheaper than coinbase then people are going to switch, especially without the kyc requirement

From the post of peonminer, what I have learnt is each of our data will be stored and I am not going to do that KYC for sure. Check what coinbase is doing our data. A site like coinbase which is one of the most trusted site for buying and selling crypto, can even compromise our data then what will do that Bity? Imagine.

Nah, just stick to coinbase or other exchange sites. ATM fees are insanely high, one reported to pay transaction fee with 10%. Imagine how much it is, it's like pointing gun to your head.

When it's third party then it's end of argument.

Still no takers on the KYC-less MEW fiat exchange? Apart from metamask is it the most widely used and trusted wallet for ethereum and it's tokens. Would have guessed that people would flock to it if supported by the MEW brand