What you need to know about Bity’s compliance framework

We are at the beginning of a mass adoption phase of crypto-currencies and blockchain technology and with this comes evolving compliance practices.

We are compliant with the Swiss regulation framework that aims to prevent money laundering and strictly follow proper know-your-customer (KYC) procedures, because we want to do it right the first time.

Bity is a fully regulated cryptocurrency broker, so what does this mean for you?

Well, it means your security and safety come first when using Bity.

If you want to BUY crypto on the Bity platform, we must verify your account from your first purchase order.

We must also verify your account, if you want to SELL crypto and your sales transaction volume is greater than CHF/ EUR 4000 per year. However, any crypto exchange below CHF/ EUR 4000 can be done with a phone and email.

We must also verify your account, if you want to SELL crypto and your sales transaction volume is greater than CHF/ EUR 4000 on a one-year rolling. However, you can SELL crypto below CHF/ EUR 4000 via a phone and email. Exchanging crypto on Bity can also be done via a phone and email with no yearly limits.

To verify your account, we will require these following documents:

  • A copy of your identity card or passport
  • Proof of residence
  • A printed copy of the Bity registration form that is completed, dated and signed.
  • A printed copy of the Beneficial owner form that is completed, dated and signed.

It is also worth noting that we currently do not accept digital signatures but we are working on it. We will be introducing an online form soon.

Once these documents have been sent to Bity and are verified, you will be able to place an order on our platform.

But this verification process can often take some time because we at Bity work around the clock to get our customers individually verified. Again, our customers’ safety and privacy are our priority.

Our customers can also be rest assured that all personal documents transmitted to Bity are encrypted and stored on our servers based in Switzerland. Any personal information is kept private and will not be disclosed to third parties, unless required by law or consent is given.

We’re excited that we are at the forefront of the rapid development and adoption rate of crypto-currencies worldwide.

We appreciate our customers’ patience throughout this journey of navigating the emerging regulation around this industry. We’re riding this crypto wave and want to bring you along with us!

Read more on how to get verified from Basic to Expert level on Bity here.