All About HotBTC AML Regulations

Posted On : 02 Jul 2020
Category : Blog, Cryptocurrency, Exchange
HotBTC Cryptocurrency Exchange

AML or anti-money laundering regulations and policies are followed by the cryptocurrency exchanges to stop illegal money laundering on the platform. After you create your trading account on HotBTC, you have to complete the AML regulations which are incorporated by the exchange in order to avoid scams and properly complete the verification process for the individual trader. To complete the procedure all you need to do is submit a copy of your Aadhar and PAN card as proof of your personal identity.

Why comply with the AML regulations?


All the cryptocurrency exchanges need to comply with the laws and regulations of the country where the exchange is operating based on their locations, practices, and offerings. There are many exchanges supporting Know Your Customer (KYC) and Anti-Money Laundering (AML) practices that require the traders to submit their personal information during the account creation process on the exchange. HotBTC is a top crypto trading platform that strictly complies with the AML regulations according to demographic requirements.

But it is also true that these practices and requirements may vary from exchange to exchange and the crypto exchange may even require complying with AML regulations in order to withdraw funds or lift certain limitations as well. Following the AML regulations can effectively help prevent illegal money transfers or any fraudulent activities on the platform. These regulations also serve an important purpose, like if any company or an exchange platform wants to participate in the crypto domain, they would be benefitted by following these regulations in its home country and other countries and its traders.

How HotBTC comply with the AML regulations?

As mentioned above to become the best crypto exchange and provide industry-standard services to the traders the crypto exchange platforms do need to comply with the AML regulations. However, the AML regulations can be further divided into four parts such as –

  • For managing risks on the platform which may arise once you are trading on the platform.
  • By maintaining customer acceptance policy (CAP), this is yet another important thing to be considered by the exchange according to the demographics of the country.
  • In order to continuously monitor the transactions on the platform and ensure regulatory compliance and to identify any suspicious activities or risk management.
  • By maintaining a customer identification program (CIP), by doing this the exchange can successfully confirm the identity of a potential customer or trader.

HotBTC complies with the AML regulations or policies based on the above information and handles different stages of trades efficiently. On this platform, the crypto exchanges can be divided into two different stages such as crypto-to-crypto and fiat-to-crypto. HotBTC is counted among the top crypto trading platform for allowing traders to trade with fiat and cryptocurrencies on the same platform.

Apart from the AML regulations, HotBTC also complies with all the international trade requirements and has adopted a risk-based approach to identify and combat against any illegal activities. Hence, by adopting certain security measures HotBTC is able to ensure and prevent illegal activities, and allocate resources to its traders to trade on the platform in the most efficient way possible.

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