Bull Bitcoin launches no-KYC purchases

Transactions of up to C$999 ($745) can be made with no KYC information required.

Canadian Bitcoin (BTC) exchange, Bull BTC, has launched a feature enabling BTC sales without needing a know-your-customer (KYC) verification process.

To utilize the service, users can visit the Bull BTC website and select the ‘no-KYC’ purchasing option which grants users the means to buy BTC with either cash or debit card.

Although Canadian regulations state that all BTC exchanges must perform KYC and keep transaction records for all purchases, the rules only apply to transactions above C$1,000 ($750)

The KYC process helps the fight against money laundering and can prevent the financing of illicit activities, and is a process required by many countries to ensure that the customers are actually who they are claiming to be.

Funds are deposited automatically into users’ Bull BTC account with a fee charge of 2% for any no-KYC BTC purchased, reportedly the cheapest rate of its kind in Canada.

Once the order is placed, a QR code is generated for users to scan at any Canadian post office to make such payments in cash or debit card.

Because cash and debit card transactions are not subjected to fraudulent chargebacks, like e-transfers and traditional bank transfers, both are seen as a fast and efficient way to send capital.

Stating that its privacy policy complies with the fair information principles in the Personal Information Protection and Electronics Document Act (PIPEDA) — the Canadian law relating to data privacy — Bull BTC believes it is able to offer its service as there is no legitimate reason to ask users for KYC.

The exchange's new feature provides a way for Canadians to purchase BTC while limiting the amount of personal information given to trusted third parties.

Additionally, a no-KYC option aims to provide remittance services for migrant workers and those without a bank account.

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Written by Edward Pearcey

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