When using the service, the Client accepts the terms of the KYC verification procedure. Identification is carried out using the SumSub service, which acts as a provider of relevant services. The processing of personal data is carried out in accordance with the current Personal Data Processing Policy of the website.
The Exchange service has the right to request personal data and documents from the client in any format and volume that the service deems necessary to complete identification and verification within the framework of AML requirements and standards.
The user agrees to the exchange service to carry out the necessary checks directly or by involving third parties to verify the identity or protect the client or the exchange service from financial crimes such as fraud. Third parties may include services such as KYC and similar verification systems.
The client, using the services of the exchange service, agrees to AML verification of all his operations and transactions. To verify addresses and transactions, the exchange service uses an IT service for monitoring, accounting and analytics of digital money or crypto assets BitOK and CoinKyt. In case of discrepancies in risk indicators with other AML verification services, the exchange service relies solely on information obtained as a result of verification by BitOK and CoinKyt.
When conducting risk analysis, the following benchmarks are used: the share of assets in the High Risk category is up to 5%, the share of assets in the Medium Risk category is up to 20%, while the total risk Score should not exceed 50%.The audit results are evaluated on the basis of international databases and analytical sources, which are regularly updated. Each transaction is considered separately, and the risk profile may change depending on the specifics of the transaction and the user. An address that previously had a low or zero risk score may receive or send funds to a high-risk counterparty, which will result in a change in the Risk Score.
The exchange service has the right to request client identification(KYC) if the client's online address is linked to these platforms Illegal Service, Mixing Service, Darknet Marketplace, Darknet Service, Sanctions, Illegal Actor/Organization, High-Risk Jurisprudence, Gambling, Enforcement action, Scam, Stolen Coins, Terrorism Financing, Fraud Shop, Fraudulent Exchange, Child Exploitation, Seized assets, Ransom. In case of successful completion of the KYC procedure by the client, the refund is carried out withholding only the network commission required for the refund transaction. If the client refuses to undergo KYC verification, the refund will be made to the sender's address, minus the commission associated with making the refund, as well as a deduction of 5% of the receipt amount, but not more than the equivalent of 100 USD (if there are additional costs associated with processing the transaction and refunding funds, including fees from payment providers, counterparties or other services). An official refund request must be sent by the user no later than 90 calendar days. No refund will be made after the specified period expires.
In order to comply with anti-money laundering requirements, the service verifies user transactions. This procedure may include several consecutive analysis steps. The primary stage is an automatic verification of the transaction using the BitOK and CoinKyt blockchain analytics tools. As part of the analysis, both incoming and outgoing transactions are checked, including the history of funds movement, as well as the risk level of the addresses involved in the operation. As a rule, such verification is carried out automatically and takes several minutes, usually no more than 10 minutes. If increased risk indicators or corresponding labels are identified during the analysis, the service has the right to initiate an additional check. As part of this procedure, the user may be asked for documents or identity information, as well as information about the origin of funds. The time limit for reviewing such cases can be up to 24 hours. In case of identification of increased risk factors based on the results of the AML verification of the received funds, which may lead to the application of restrictive measures by the partner payment system (exchange), the processing of the application may be temporarily suspended until the verification is completed and the situation is resolved in accordance with the requirements of the payment system (exchange) compliance.
If the partner payment system is blocked due to the identification of a high AML risk, the application may be suspended until the situation is resolved and restrictions are lifted by the relevant payment system. Partner payment systems are independent organizations and are not under the control of the service, and therefore the service cannot influence the timing of their internal audits. In the case of additional AML/KYC proceedings, the client's application is processed after all necessary checks have been completed and the situation has been resolved.
By using the services of the Website, the Client agrees to undergo identity verification. The Site may request any personal data in any format and volume that the Site deems necessary for full verification within the framework of AML requirements and standards. All information provided by the client may be transferred to regulatory authorities in the following cases:: - at the request of law enforcement agencies. - in accordance with the decision of the judicial authorities of different jurisdictions. - at the request of the administrations of payment systems.
Funds linked to W Group services, if their origin is identified, may lead to a temporary freeze or complete blocking of funds.
