We partnered with Chainanlysis to ensure that all the tokens we buy and sell have not been involved with any illicit activity. Each and every token for the digital currencies we trade are examined using Chainanalysis tools.
Chainanalysis is considered to be the de facto Cryptocurrency analysis tool by many. Their tools allow us to see the wallet and related addresses to a particular token. This is done by scanning thousands of social media forums and darknet sites for open source intelligence.
Additionally, Chainanalysis provides the ability to track real-world activity by following the Cryptocurrency’s flow. They trace the flow of funds through an unlimited number of “hops” and link suspicious activity to real-world entities.
KYC means “Know Your Customer” it’s a process established by banks to confirm the identity and address of their customers. We use this process to establish identities and make sure there isn’t any misuse or misappropriation being done through our services. We keep all KYC information confidential and secure.
Our KYC form is part of our Anti Money Laundering or AML framework. We follow strict due diligence and accountability guidelines for all new clients. We conduct multiple background checks and reporting requirements.
The purpose of our KYC form and AML framework is to provide safety for our existing clients and new clients alike. Despite the fact that the Bitcoin and cryptocurrency space is largely unregulated at the moment. Our methodology is to follow established guidelines from banking. In order to establish trust and prepare for regulation, we must pave the way by setting our own standards. Above all else, we maintain a network of respectable clients and intend to continue this in perpetuity.
This has two main benefits. Firstly, it assures the public that the OTC is running legitimately and in a proper manner. It also plays a role in protecting the OTC from investigation by governments and financial authorities seeking to detect and prohibit fraudulent transactions. So we ensure that all of our clients meet these requirements to ensure the safety of our entire network.
Part of our KYC & AML framework is our Onfido document verification and biometric verification. We process our clients information using their state of the art system to ensure the validity of our clients identities.
Christine Lagarde, Managing Director of the International Monetary Fund wrote in her blog in April, “before crypto-assets can transform financial activity in a meaningful and lasting way, they must earn the confidence and support of consumers and authorities.”