Edge Wallet Partners With Bity to Offer Non-KYC Fiat Exchanges

[squatter]

This seems like a great option for European bitcoiners. No yanks allowed, unfortunately.

Edge (formerly Airbitz) just started offering the ability to buy or sell up to 5,000 Swiss francs worth of bitcoins per day without KYC. The only condition is access to the SEPA system.

“Bity has a long experience which dates back to 2014 in providing bitcoin exchange services in the Swiss regulated environment,” Bity CEO Alexis Roussel told Bitcoin Magazine. “Swiss law allows for small amounts to be exchanged without mandatory KYC, by providing ownership proof on the receiving address. At Bity, we believe access to KYC-less exchanges, in small amounts, is key to the upcoming mass-adoption.”

In Edge’s efforts to strike a privacy balance, Puey told Bitcoin Magazine that transactions are “private in the sense that Bity can see the public address and may be able to do blockchain analysis afterwards. Other than that, they don’t see any sensitive personal information like a driver’s license, a passport, address or social security number.

It's not anonymous since each exchange is linked to a bank account, but it's pretty cool that people can do this without any documents at all. Anyone tried it?

Source: Edge Wallet Partners With Bity to Offer Non-KYC Fiat Exchanges

[BitHodler]

It's just the convenience that makes this a better option to some people.... the fact that they have your bank account details is already enough to know who they are dealing with. I hope people don't assume they are private or something.

For years I have been using a local service that only needs your bank account details to allow you to buy/sell thousands of euros worth of Bitcoin on a daily basis. Nothing really new to me or other Europeans dealing with euros.

[squatter]

It's just the convenience that makes this a better option to some people.... the fact that they have your bank account details is already enough to know who they are dealing with. I hope people don't assume they are private or something.

For years I have been using a local service that only needs your bank account details to allow you to buy/sell thousands of euros worth of Bitcoin on a daily basis. Nothing really new to me or other Europeans dealing with euros.

Do you mind sharing the name of this service? I'm sure other Europeans would like to know. This guy and all the commenters in the thread seem pretty clueless:

I was trying to buy Bitcoin but I needed to verify my ID on every website.
Are there any websites which allow buying Bitcoin without that?
I would also prefer website that are for my region (Europe - Germany).
Thanks in advance.

With mandatory KYC now hitting Localbitcoins --and the largest SEPA exchanges like Kraken, Coinbase and Bitstamp already requiring it -- it seemed relevant. I'd much prefer not having my passport, SSN, and other sensitive personal information on file with exchanges. That's just common sense.

[Pearls Before Swine]

No yanks allowed, unfortunately.

Well that figures.  Those in the states have probably seen the last of exchanges not requiring KYC, and its too bad.  But if you have to link a bank account to trade with fiat its kind of the same as giving the exchange your identity documents anyway.

With mandatory KYC now hitting Localbitcoins --and the largest SEPA exchanges like Kraken, Coinbase and Bitstamp already requiring it -- it seemed relevant. I'd much prefer not having my passport, SSN, and other sensitive personal information on file with exchanges. That's just common sense.

All exchanges are going to require KYC documents in the future and I'd bet that they're going to ask customers for them even if the customer isn't trading with fiat.  That might not be required now but gov'ts just hate to not know who is trading what.  You'll see.

[malevolent]

Do you mind sharing the name of this service? I'm sure other Europeans would like to know. This guy and all the commenters in the thread seem pretty clueless:

I know a few similar places too locally but there are typically a couple caveats:

a. fees - usually 1.5 to 3%; by comparison Bitcoin ATMs are 1 to 4% here and never require KYC;
b. some of them can still ask for KYC randomly, especially if you're sending fiat, although the primary motivation is to avoid criminals monetizing strangers' bank account balances;
c. the higher the transaction value and/or frequency or monthly volume, the higher the likelihood of being asked for docs, transactions below ~$1000 are less problematic