KYC/AML Policy

Modified on Wed, 01 May 2024 at 09:34 AM


The crypto market is subject to a number of rules and regulations, requiring most crypto services to implement AML/KYC procedures and necessitating compliance across diverse services and functionalities contingent upon the user account classification.

At BitcoinVN, we prioritize protecting our clients from scams and fraudulent activities in the crypto world. We strictly comply with all prevailing rules and regulations, including the implementation of KYC/AML procedures, particularly when there is suspected fraudulent intent.

This procedure ensures the legality of transactions before regulatory institutions. By undergoing KYC/AML verification, users affirm their law-abiding status. 

Please note that citizens and residents of the following countries are prohibited from using our Service, and improper use may lead to a loss of funds:

  • United States
  • Iran
  • Cuba
  • North Korea
  • Syria

BitcoinVN’s AML/KYC procedure is supported by an automated risk prevention system. If a transaction is flagged as suspicious by this system, the exchange is paused, and our compliance team will conduct an individual review and risk assessment, which can include a request for identity verification of the client.

The system employs specific criteria, the disclosure of which is restricted to prevent exploitation. This mechanism is efficacious in the identification of money launderers and fraudulent entities, as it expeditiously discerns between bona fide clientele and illicit actors through the KYC process.

Each KYC case is addressed individually. Eligible clients are advised to utilize our official support channels to expedite the due diligence process for their transaction.

Upon successful completion of the due diligence process by BitcoinVN, the exchange is finalized, and funds are sent to the recipient wallet address.

BitcoinVN maintains its reputation as a legitimate exchange by selectively applying KYC procedures to certain clients whose transaction profile presents an elevated risk.

Additionally, BitcoinVN screens all incoming transfers for possible AML risks.

BitcoinVN hereby declares its unequivocal opposition to money laundering and illegal activities and pledges to abstain from entering into any agreements with individuals or entities implicated in such illicit undertakings. Clients under suspicion of engaging in illegal activities will be subject to a tailored KYC process, as directed by our support team.

Should a client decline to provide identification or submit false documents, the due diligence procedure is deemed unsuccessful, leading to the refund of deposited funds within a 72-hour period.

 Subsequently, the client's address(es) may be blacklisted, preventing future exchanges.

Prolonged holding periods of deposited funds might apply in individual cases depending on the risk profile and pending further investigation at the discretion of the BitcoinVN compliance team.

BitcoinVN reserves the right to share received materials with legal authorities upon request. 

VND deposits

BitcoinVN requires its users to provide additional personal information if they wish to increase their limits for VND deposits via bank transfer.

Users must not use the bank account of third parties to make bank transfer deposits at BitcoinVN. 

Users who are suspected of doing this might be asked to verify their identity before their orders can be processed or be subjected to our refund process. 

During this refund process, BitcoinVN will make sure that the funds are safely returned to the originating bank account.

Limit violations

In the event of a user attempting to deposit or withdraw more than his current verification level allows them to do, we will require the user to complete the next verification level before processing the order, if applicable.

One person, one account

Due to the nature of those requirements, we can only allow our customers to have one user account each. Automated systems are in place to enforce this policy.

Customers with multiple accounts will be required to pick one account they wish to keep, as we will deactivate the other accounts. Any balance will be transferred to the remaining account. Pending orders will be put on hold or canceled.

If the customer fails to pick an account within 14 days of being asked to do so, all of their accounts will be deactivated.

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