Canadian Bitcoin exchange, Bull Bitcoin, has launched a new no-KYC (know-your-customer) service which enables users to buy bitcoin with cash or debit card. Users can go to any Canadian Post office, scan the QR code generated on the Bull Bitcoin app, and pay in cash or via debit card.
The funds are automatically added to the user’s Bull Bitcoin account within a few minutes. Transactions of up to ~$745 ($999.99 CAD) can be made per transaction, with no KYC required. The exchange has a fee of 2% for no-KYC sats, the cheapest of any such service in Canada, according to a press release sent to Bitcoin Magazine, while Bull Bitcoin’s on-chain withdrawals remain free.
Canadian regulations state that Bitcoin exchanges must perform KYC and keep transaction records for all purchases above $1,000 CAD. Bull Bitcoin states that its privacy policy complies with the fair information principles in the Personal Information Protection and Electronics Document Act (PIPEDA), which prevents it from collecting information that is not needed for a legitimate purpose.
With no risk of chargeback for cash and debit card transactions, the company states that it has no legitimate reason to ask for KYC.
Bull Bitcoin aims to offer cash bitcoin purchases due to customer demand, and for those without access to bank accounts. The company also aims to attract migrant workers for remittances and users who want to limit the amount of personal information they give to trusted third parties. In addition, cash and debit card transactions are not subject to fraudulent chargebacks, unlike bank transfers and e-transfers. The process of funding accounts with cash or debit cards is also faster and more convenient.
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