To ensure platform security, legality, and compliance with global and regional regulatory requirements, BitTap strictly enforces its KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. This policy aims to protect users’ funds and prevent illegal activities such as money laundering and terrorist financing. Below is a detailed description of BitTap’s KYC and AML policies.
- Introduction
1.1 BitTap Commitment: We strictly comply with global and local KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, taking necessary measures to prevent the platform from being used for illegal activities. Through advanced technological measures, we ensure a secure trading environment for users while minimizing the risks associated with financial crimes.
1.2 Compliance Framework: BitTap has established a global compliance framework to meet different KYC and AML requirements across various jurisdictions. This framework ensures continuous compliance and protects user interests.
- KYC and AML Policies
2.1 Policy Updates: We will periodically update our KYC and AML policies to ensure compliance with the latest regional legal requirements and regulations.
2.2 Employee Training and Guidance: The platform provides operational guidelines and rules, and staff members follow these principles while receiving regular compliance training.
2.3 Transaction Monitoring and Internal Controls: We have designed and implemented internal control processes to rigorously verify user identities. A dedicated AML team is responsible for risk management.
2.4 Risk Management: We employ a risk-based customer due diligence approach, continuously monitoring transaction activities to ensure compliance with our risk management requirements.
2.5 Transaction Review: We periodically review completed transactions to ensure compliance and alignment with risk management policies.
2.6 Suspicious Transaction Reporting: BitTap reports suspicious transactions to relevant regulatory authorities to prevent the platform from being exploited for illegal purposes.
2.7 Information Retention: User-submitted identity information and transaction records will be retained for at least six years. When necessary, we may submit relevant documents to regulatory authorities without prior user notification.
2.8 Prohibition of Credit Card Transactions: Credit card payments are not allowed for digital asset transactions to reduce potential fraudulent activities.
2.9 Employee Training: The platform regularly conducts AML training and provides ongoing compliance education for its employees.
- Identity Information and Verification
3.1 Collected Identity Information:
Depending on legal requirements and user type, BitTap may require the following identity information:
- Individual users must submit their name, address, date of birth, nationality, and other basic information, along with government-issued identification documents such as a passport or ID card.
- Corporate users must submit company registration documents, articles of incorporation, shareholder structure, and identification documents for key personnel and signatories.
3.2 Verification Requirements:
- Submission of front and back photos of identification documents.
- Users must provide a selfie holding their identification document.
- Copies of verification documents must be cross-checked with the originals or authenticated by a certified authority (e.g., notary, law enforcement official).
3.3 Language Requirements:
We only accept identity information in English or Chinese. If the submitted information is in another language, a notarized English translation must be provided.
- Transaction Monitoring
4.1 Transaction Limits: BitTap sets daily trading and withdrawal limits based on market conditions and security requirements.
4.2 Identification of Suspicious Transactions: We closely monitor frequent or unusual trading activities. If suspicious behavior is detected, the platform reserves the right to suspend or reject the transaction.
4.3 Enforcement Actions: If a suspicious transaction is identified, BitTap has the right to take restrictive measures, including account suspension, transaction rejection, or reporting to relevant authorities. Users will not receive prior notification.
4.4 High-Risk Customers: The platform reserves the right to refuse registration of high-risk customers, particularly politically exposed persons (PEPs) or individuals who do not comply with international AML standards.
- Transaction Compliance
5.1 Compliance with International AML Standards: We ensure that all transactions adhere to international AML and KYC regulations.
5.2 Restriction Measures: BitTap reserves the right to suspend or terminate transactions for customers or activities that do not meet the platform’s compliance standards.