Risk & Compliance Disclosure
This Risk and Compliance Disclosure should be read in conjunction with the Terms of Service (Terms) of Bit2Bit. In plain English, we want you to understand the important risks and compliance matters while you trade on our platform.
PURPOSE OF OUR PROGRAM
We have established and implemented an Anti-Money Laundering, Anti-Terrorist Financing, and Trade & Economic Sanctions Program (“AML/ATF/Sanctions Program” or “Program”) to ensure a robust and compliant digital asset trading platform. We want to promote legal, transparent business activities and maintain a strong reputation among our customers, regulators, and the digital asset industry.
OUR ROLE AND ACTIVITIES
We are a global traditional and digital asset trading platform, where brokers and traders come as buyers and sellers (commonly referred as market-makers and market-takers). For clarity, buyers and sellers trade with each other and not with Bit2Bit. We are not a counterparty to any trade. Our Services are available through https://bit2bit.in, associated application program interfaces and/or mobile applications and through customer onboarding entities, including Bit2Bit
We understand that regulatory bodies have taken a diverse approach to the laws and regulations regarding digital assets, including some characterizing or defining digital assets as virtual financial asset, convertible virtual currency, or virtual commodity. As a trading platform, we believe that all digital assets available on Bit2Bit are an innovative alternative asset class; and therefore, digital assets should not be called currency or money at this moment in time.
Disclosure: Digital assets are not fiat money nor fiat currency. Digital assets are NOT backed by any government or central bank. We may at times have opinions of the different regulatory approaches taken by various government bodies; however, at all times, we will fully abide by rules and regulations of the respective countries we operate in. We regularly communicate with regulators and industry on the best approach to regulating digital asset businesses. Furthermore, Bit2Bit does not accept certain customers. Bit2Bit in ensuring it’s created a robust, regulatory compliant marketplace, has decided to accept customers after KYC and AML procedure verification only.
We cooperate with governments and respect regulations and comply with applicable regulations. As good corporate citizens, we may be asked for information from law enforcement authorities and will assist if permissible by law as law enforcement conduct investigations to pursue activity. What this also means is that our platform is intended for law abiding customers. We welcome the opportunity to earn your business, and in return we require that you act legally and properly on our platform.
OUR AML/ATF PROGRAM
We have designed our verification program to reasonably prevent money laundering and terrorist financing through a risk-based, multi-layer control system.
The first layer includes a stringent customer identification program, including verifying the identity of our customers, whether individuals or entities. In addition to obtaining identification documents, we obtain for non-natural persons their entities’ beneficial owners/natural persons consistent to international standards such as the Financial Action Task Force (FATF).
The second layer includes a risk-based system to warrant additional customer due diligence.
The third layer includes ongoing monitoring for suspicious activity. If our Program suspects or has reason to suspect suspicious activities have occurred, we will file suspicious activities reports with local regulators. A suspicious transaction is often inconsistent with a customer’s known and legitimate business, or personal activities.
These are the primary components of our compliance program; however, the most important connection to these layers are our leadership team and staff, including AML/Risk personnel that execute training, oversight compliance culture.
Trading in traditional and digital assets is considered high risk. Digital assets are NOT backed by any government or central bank. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your own financial condition.
If you have questions or require assistance with our customer due diligence controls, please reach out to our 24/7 customer service representatives by phone, chat or email at firstname.lastname@example.org.
This “Risk & Compliance Disclosure” may be posted in different languages. If there are any discrepancies, the English version shall prevail.