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A new inte۩๑rface update to≮▪ MyEth@erWallet (M▫EW) enables users to bypass know-your-customer (KYC) requirements when trading bitco〖in and Ether for fiat, according to a Febru∵ary 20 blog post.

The MEW V5 interfac❤☜e w&as first announced on Monday, February 11, and described as "completely redesigned inside and out." MEW V5 was designed to enhance the user expe◆rience and increase the ease of use fo〩r cryptocurrency experts and beginners alike. One such feature allows users to swap bitcoinж and Ether for as muchⓛ as 5,000 Swiss FrancsФ ($5,001.68), or the equivalent thereof in Euros, without jumping thro≠ugh a series of KYC hoops.

The avoidance ofⅠ KYC requirements is made possible throug≈h a co┕llaboration between MEW and Switzerland-based bⓞrokerage company Bity. B―ity provides borderless "crypto finance s۞ervices" and oversees a network of cryptocurrency ATMs in fiv々e Swiss cities, with plans to establish ⿲more in the ⿷near future. Because Bity is i℃n compliance with "the Swiss Anti Money ♀Launderi∩ng↖ Ordinanc$e (▦▩AMLA)," users can exchange their crypto using the ne∽w "Exit-to-Fiat" feature, and Bity's wallet caΦn verify wallet ownership.

During the process, users of MEW V5 will be asked for identifyじing information such as their phone numbe‖∠r, international bank account number (IBAN), bank identifier code (BIC), bank ABA routing number, the≌ official name of the bank account, and their billing address. MEW says t〤⊕hat this information is used for Bi◐ty's complianc⿶e regulations only; MEW does not save any of this information or use it to contact customers.

Many cryptocurre↕ncy investors v∞alue anonymity, but many governments associate privacy related to financial traчnsactions with criminal activitie@s such as drug trafficking, mon′ey la◎unкdering, and the financing of terrorist o№rganizations. In June 2018, for instan●·ce, Canada's Department of Finance announced official regulationís for crypto exchanges, stipulating that no transactions over 1,000 Canadian dollars could be completed without the customer providi▋ng identifying information.