Canadian Bitcoin exchange, Bull Bitcoin, has launched a new service without KYC (know-your-customer) that enables users to buy bitcoin with cash or a debit card. Users can go to any Canadian Post office, scan the QR code generated by the Bull Bitcoin app, and pay in cash or by debit card.
Funds are automatically added to the user’s Bull Bitcoin account within 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 on-chain withdrawals of Bull Bitcoin remains free.
With no chargeback risk for cash and debit card transactions, the company says it has no legitimate reason to require KYC.
Bull Bitcoin aims to offer cash bitcoin purchases due to customer demand, and for those who do not have 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 provide to trusted third parties. Additionally, 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 card is faster and easier.