Many people believe that cryptocurrencies are completely anonym and they agree on our verification process and the requirements of it. Despite the misbelief, Bitcoin is not anonym as the transactions are public, they can be controlled by anybody with the help of a Bitcoin address or transaction ID. The financial transactions themselves - that is, how much amount is transferred between Bitcoin addresses - are public, but it is not visible who moves the money between different Bitcoin addresses. But if once one Bitcoin address is linked to an identity of a real person then the transactions belonging to that given Bitcoin address can be followed-up. That’s why we are used to say that Bitcoin is pseudonym.
With our authentication requirements our aim is to prevent money laundering and all forms of financing terrorist actions - that is also in line with legal regulations and requirements. With the help of this we try to protect all of our clients, what more if hackers gains access to someone’s bank account due to criminal offense, we try to prevent it by applying our AML/KYC Policy, or to make it harder for anyone to steal money or to commit money laundering by using our service.
Know your customer (KYC) is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.
Firms must comply with the Anti-Money Laundering rules. The purpose of the AML/KYC rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation. Please find our AML/KYC Policy here.