AML/KYC

Last Updated: July, 2019

AML refers to "Anti-Money Laundering". KYC refers to "Know Your Customer".

Introduction

We strive to protect our Users from fraudulent and scam activities in the crypto assets sphere. It is possible, that certain crypto assets are used for scam or any other criminal activity, as defined by law. In order to prevent this, it is necessary to take measures to ensure customer verification and security of financial transactions. One of the best measures is AML/KYC procedure, which allows us to confirm, that you are a law-abiding individual or corporation.

Exbase has a risk scoring system that is able to spot suspicious activity. If a transaction is flagged by the system, it is put on hold and the User is asked to pass AML & KYС verification. For the reasons of security, we are not able to disclose specific criteria of our system, however, it has proven to be very effective against money launderers, scammers etc.

Exbase reserves the right to apply the AML/KYC procedure to certain Users, addresses and particular transactions of crypto assets. Application of the AML/KYC procedure is based on Exbase internal policies and aimed at preventing and mitigating possible risks of Exbase being involved in money laundering as well as any other illegal activities.

Please be informed, that Exbase service reserves the right to appoint Third-party service provider in order to fulfil AML/KYC procedure on behalf of Exbase. While processing your information, such service provider completely complies our Privacy Policy in respect of your personal information.

Exbase may forward the information collected during AML/KYC procedure to the competent authorities upon legitimate request.

Exbase will not enter a business arrangement with individual or entity suspected of or directly involved in money laundering, or in which the funds have been the source of illegal activity.

AML and KYC Procedure

AML/KYC procedure might be applied in respect to those crypto assets payins, which are determined by our automated risk prevention system as suspicious. In these cases, Exbase will contact the User by email registered with account.

AML/KYC procedure includes confirming the identity of Users by means of:
A high-quality photo of their ID valid in their country;
Any other applicable documentation.

In response to Exbase request for the User’s documentation, Exbase takes all possible measures to recognize the deceptive documentation or other false information and reserves the right to investigate certain Users or transactions which have been detected to be risky or suspicious.

Upon successful completion of the AML/KYC procedure, the transaction will be executed.

In case the User refuses to undergo the AML/KYC procedure, the transaction will be rejected and the crypto assets will be returned to where it originated from less any applicable fees. Thereafter, Exbase will freeze the User account and blacklist the wallet address (exceptions may apply to an address of a trusted service). This User account will no longer be eligible to use Exbase.

Disclaimer

Exbase keeps working on quick and transparent procedures updates that may be delivered to our Users via email and other means as well as at our website

Contact Us

If you have any questions about AML/KYC procedure, please contact us via [email protected]

The “ExBase.io” platform is run by Hotcoin OÜ, a part of Hotcoin Group, is a Provider of virtual currency wallet service and service of exchanging a virtual currency against a fiat currency, licensed and regulated by the Estonian Financial Intelligence Unit (FIU).
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