Although blockchain technology is still relatively new, that doesn't mean that there are no laws for the field. New regulations are already in place to protect Investors and Authorities have carefully started monitoring blockchain financial markets.
Our Risk Management team is responsible for monitoring overall trading activity in accordance with AML/KYC rules.
The "Know Your Customer (KYC)" verification procedure is required to verify the identity of the users. The procedure includes sending certain scanned documents to the Compliance dept. for a background check. It's an important step to enhance the security of our traders.
You are welcome to upgrade your account to Verified status if you want to avoid the verification procedure in the future.
Here is how you can verify your account.
If you want to learn more about KYC, check out this blog post.
Please note, we might require you to pass KYC in order to withdraw funds even when the amount is below the stated withdrawal limits of $25,000 daily or $100,000 /month. This is done to comply with AML/KYC regulations and protect all users on our platform.