As an AUSTRAC regulated exchange, we must apply appropriate risk management and identification procedures when it comes to sending funds away from the platform. Specifically, we must ensure that we abide by our strict obligations set out by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (Cth).
When talking about our identification procedures, we are referring to the KYC ("Know Your Customer") verifications that we are required to complete throughout the lifecycle of your account in order to adequately verify our customers. As such, throughout the duration of your account you may be required to complete the KYC level 0, 1 and 2 verifications.
Each of these is a different verification that may require a discussion with one of our officer's or you to complete the applicable form to upgrade the current verified status of the account. For more information on how to complete them we have an article which you can view here that outlines how to complete each process. Furthermore we also have the below attached articles for each verification that you can review to establish what each verification is:
Platforms we can't allow customers to send Cryptocurrency
As such, we aren't permitted to allow customers to send funds to any online market places or platforms that may contravene Australian State and Federal law. This includes any:
Online Gambling Platforms;
Online Pharmacies/Medication Stores;
Darkweb Market places; and
Potentially fraudulent or illegally operating platforms (i.e MTI.club, CashFX, YieldNodes, Lionshare).
Given that these platforms distribute products and employ practices that contravene Australian State and Federal law, we cannot in good conscience allow any withdrawals to platforms that match a description of any of the above. Regulatory obligations like ours exist to protect all Australians and as such we have to do our part to protect our users!
Our automated risk management systems employ processes to stop these kinds of transactions on our platform and any account activity used for this purpose is against our Terms & Conditions. As such, if flagged by our system you will no longer be able to use the full functions of the account and will be restricted for this violation.
If you would like any further information on our Transaction Monitoring Program or risk management systems, please don't hesitate to get in contact with our team via the live-chat or you can also book in a call!