Policy Purpose: The purpose of Bitexcoin’s KYT/AML policy is to identify customers who are involved in transactions, especially when there is reasonable suspicion that the customer is abusing the Bitexcoin platform or engaging in illegal activities.
Circumstances triggering KYT actions: This policy is implemented when there are suspicions of illegal activities, such as potential money laundering or attempted money laundering of digital assets obtained through illegal means or from criminal sources. To implement this policy, Bitexcoin will use legal information, third-party digital asset origin analysis tools, and proprietary transaction screening systems.
Bitexcoin Rights and Actions:
Request for additional information: Customers may be asked to provide additional details about the origin of their digital assets and/or evidence that the assets were not obtained through illegal activities.
Account Suspension and Reporting: Bitexcoin reserves the right to suspend any operations related to the client and report the incident, including all relevant information and documents.
Identity Verification: Customers must provide documents that verify their identity, physical presence, residential address, and financial stability.
Return of Controlled Assets: Digital assets are returned to their original source or to other accounts only after their legal origin has been fully verified by the Bitexcoin security team.
Restrictions on withdrawals by third parties: Bitexcoin may reject customer requests to transfer funds to third party accounts without any explanation.
Funds Seizure: Client funds will be held pending the completion of a comprehensive investigation.
Monitoring transaction chains: All transaction chains are continuously monitored to detect any suspicious activity.
Refusal to provide services due to suspicious origin of assets: Bitexcoin reserves the right to refuse to provide services to customers if there are reasonable suspicions about the legality of the origin of digital assets. In such cases, funds will be held in designated Bitexcoin accounts.
Lack of extensive service and custody: If it is not possible to trace the entire chain of movement of digital assets from their origin, Bitexcoin reserves the right to not provide service and custody of funds in special accounts.