Starting October 31, the Swiss app for buying and selling Bitcoin will only be available to users who complete the identity verification process.
On July 10, Relai, the Swiss app for buying and selling bitcoin, announced that all unverified users must complete the KYC process by October 31, 2024, to continue using the app. The company stated that this move is necessary to comply with Swiss regulatory requirements and to enhance the app’s security.
The statement reads:
“Since the beginning, Relai has aimed to work with regulators and lead the Bitcoin scene in Switzerland. To comply with the law, we must now require verification for all users and eliminate non-verification limits. Although we’ve been trying and hoping to find a different solution, this change is necessary.”
Starting October 31, unverified users will no longer be able to place buy or sell orders until they complete the verification process. However, the bitcoins in their Relai wallet will remain accessible and can be transferred to other wallets.
The company stated that the verification process may take up to 24 hours for processing. Once verified, users can benefit from annual trading limits of up to 100,000 CHF (95,000 EUR).
In the statement, Relai also announced that they will implement a new European IBAN and the ability to receive instant transfers for European users.
