Bull Bitcoin, a Canadian bitcoin exchange, has announced a new feature that allows users to buy bitcoin without going through the Know Your Customer (KYC) verification process.
Canadian Bitcoin Exchange Launches No-KYC Onramp
Bull Bitcoin, a Canadian bitcoin exchange, has announced a new feature that allows users to buy bitcoin without going through the Know Your Customer (KYC) verification process. To use this service, users need to place an order on Bull Bitcoin's website and select the no-KYC purchasing option. Once the order is placed, users receive a QR code that they can take to any Canada Post location to pay in cash or debit card. This feature provides a way for Canadians to purchase Bitcoin while limiting the amount of personal information they give away, and for those without a bank account. It also aims to provide remittance services for migrant workers via Bitcoin.
Bull Bitcoin is able to offer this new service because Canadian regulations require exchanges to conduct KYC checks and keep track of purchases above $1,000 CAD. The exchange says they will charge a 2% fee for bitcoin purchases that take advantage of this new offering.
