Non KYC Accounts
As a first of its kind for India, we will also be rolling out KYC free accounts, with a monthly purchase limit of up to 10K INR worth of BItcoins! This is to enable as many users to in India to gain access to Bitcoin.
We start this service for all Axis Bank and ICICI Bank Customers. On completion of KYC, You would be able to sell BTC and Purchase without limits.
Benson, what exactly you mean by
Non KYC Accounts? I'm sure, you've substituted its with social verification that approximates KYC. In Europe few mobile banks are already using this and they have been looking at the same for extension into upper tiers. I guess, with your currency policy you're looking for at social as a risk based solution augmenting KYC. Is it so? Of course, you'll be able to kick lot of early stage fraud and get great user insight on new customers by creating custom score cards on foundation data points.... e.g. How influential they are, how often they travel, where there family networks are etc.
So, basically its sort of nexgen-KYC and good enough. But, how can you deviate from pre-defined guidelines of KYC when its comes to deal with money? Make sure this Non-KYC policy doesn't put dent in your business model.
Sincerely,
We had pulled this back few weeks back.
But it is completely OK as advised by our legal. Pulled it back mainly cos banks are unable to give us consistent data to keep this automated enough.
We have not used social verification though. We had to run a manual bank link before we allowed upto 10K. In order to trade more, identity is needed , which matches the bank account.
So no deviation here
I will update OP that this is no longer running.
