Although there are no regulations regarding Bitcoin and other digital coins, also called cryptocurrency, Bitdenex follows European financial legislation as much as possible. This includes, among other things, the Know Your Customer policy and measures to prevent money laundering (AML).
Regulations on financial services require Bitdenex to take measures against abuse. This regulation always has two sides. On the one hand protecting customers and on the other hand preventing financial violations (such as fraud and money laundering) through our services, including trading on the Exchange. In order to use our services, the customer must verify his / her identity at all times.
The KYC policy consists of an extensive account number verification process and a cooling down period for large transactions.
Account Number Verification
All coin providers and trading platforms must comply with a “Know Your Customer” online payment policy.
As a new customer, you must verify your account number before we can send Bitcoins, Ethereums, Litecoins and other cryptocurrency. This process is a one-time process and it takes only a few minutes. The last step of the verification is to make a bank transfer via internet banking. When you verify your account, you can immediately make an iDeal payment / deposit and verify your bank account number. We will receive this transfer immediately, if not within a few hours, depending on your bank. Belgian transfers will take several days.
With a bank account verification, we want to prevent any abuse of our services. We take and will take all measures in the future to prevent fraud and abuse. Unfortunately, this market is attractive to cybercriminals, and they are very creative to provide unsuspecting innocent people with their bank account information (phishing), inform people or hack their computer and rob bank accounts.
Our measures make the purchase process even more complex, but we are convinced that it helps to prevent fraud and safeguard your Bitcoin, Ethereum, Litecoin and other cryptocurrency safely. In this way we try to protect you as a consumer while providing protection to your funds and coins.
Cooling down Period
If you do a major (Bitcoin, Ethereum, Litecoin or other cryptocurrency) transaction, a cooling down period applies.
What does this period mean?
It means we hold these digital coins for a certain period of time. This period depends on the size of the transaction. In the light of fraud and fraud, the bank or payment provider will be given the opportunity to detect any fraud and report to us.
Almost all transactions are performed automatically. This also means that almost all transactions are through automated fraud detection. Some are suspiciously marked because of their specific feature. This transaction is executed manually after some control elements or in case of fraud, appropriate measures have been taken.