Risk Assessment

To mitigate the risk of money laundering, we have adopted procedures in our deposit and withdrawal operations. We have identified the following risks and have adopted the best practice on our platform to prevent this:

  • Third party deposits (Fiat assets)
  • Third party withdrawals (Digital assets and Fiat assets)

Fiat Deposits

Customer fiat deposits are only permitted from pre-registered bank accounts in the customer’s name.

Before a deposit is accepted, customers are required to register at least 1 bank account up to a maximum of 3. Requests to add a new bank account are submitted and checked by our team by confirming the account details against a recent bank statement of the customer.

We will not permit third party bank account details to be added to a customers account. If we suspect any attempt to deposit funds into our platform using a third-party account, funds will be frozen, and the customer account will be suspended. Further documentation will be required for funds to be released back to the originating account.

Digital Asset Withdrawal

Customer digital asset withdrawals are only permitted from pre-registered wallet addresses belonging to the customer. Customers are required to confirm that the registered wallet address belongs to them. Customers are only permitted to change 1 of the 3 withdrawal wallet addresses per month.

Before a withdrawal is accepted and processed, customers are required to register at least 1 wallet address up to a maximum of 3. Requests to add a new withdrawal wallet address are submitted and checked by our team by confirming that the wallet address exists against public block explorers.

We will not permit third party wallet address details to be added to a customer’s account. If we suspect any suspicious activity on our platform using a third-party wallet address, or addresses list on out blacklist, funds will be frozen, and the customer account will be suspended. Further documentation will be required for funds to be released.

Fiat Withdrawals

Customer fiat withdrawals are only permitted from pre-registered bank accounts in the customer’s name.

Before a withdrawal is accepted and processed, customers are required to register at least 1 bank account up to a maximum of 3. Requests to add a new bank account are submitted and checked by our team by confirming the account details against a recent bank statement of the customer.

We will not permit third party bank account details to be added to a customer’s account. If we suspect any attempt to withdraw funds into a third-party account from out platform, funds will be frozen, and the customer account will be suspended. Further documentation will be required for funds to be released.

Updated: 9th January 2020

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Compliance

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About BCB Market™

Learn about our journey in the Crypto industry and the team that built it. Have a look at our other services within this space and how we are re-shaping digital finance.

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