canadian bitcoin exchange, Bitcoin bull, launched a no-KYC (Know Your Customer) service that enables users to buy bitcoin with cash or debit card. Users can go to any Canadian post office, scan the QR code generated in the Bull Bitcoin app, and pay with cash or debit card.
The funds are automatically credited to the user’s Bull Bitcoin account within a few minutes. Transactions of up to ~$745 (CAD$999.99) per transaction can be made, no KYC required. The exchange charges a 2% fee for no-KYC sessions, the cheapest of any such service in Canada, according to a press release sent to Bitcoin Magazine, while withdrawals on the Bull Bitcoin Chain remain free.
Canadian regulations state that bitcoin exchanges must perform KYC and maintain transaction records for all purchases over 1,000 Canadian dollars. Bull Bitcoin states that its privacy policy complies with the Personal Information Protection and Electronics Documentation Act (PIPEDA) Fair Information Principles, which prevent it from collecting information that is not necessary for a legitimate purpose.
With no chargeback risk for cash and debit card transactions, the company states that it has no legitimate reason to require KYC.
Bull Bitcoin aims to offer Bitcoin cash purchases due to customer demand, and to those who do not have access to bank accounts. The company also aims to attract migrant workers to remittances and users who want to limit the amount of personal information they provide to trusted third parties. In addition, cash and debit card transactions are not subject to fraudulent chargebacks, unlike bank transfers and wire transfers. Funding accounts with cash or debit cards is also faster and more convenient.
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