AML for safer crypto trading

Posted On : 25 Aug 2020
Category : Blog
Crypto Trading Exchange

After registering for a crypto trading account on HotBTC, you have to complete the AML (anti-money laundering) process which is incorporated by the exchange in order to avoid scams and properly complete the verification process for swift and safe transactions. All you need to do is submit a copy of Aadhar card and PAN card as proof of your personal identity to complete the AML procedure

The AML procedure can also be completed by downloading the Google Authenticator app that is needed for Google 2FA or two-factor authentication. This process is very important as it serves as a
checkpoint for the crypto exchanges and is helpful both for the exchange and the traders. This process is needed to be completed as it is very important and serves as a checkpoint for the HotBTC, and is even helpful in terms of both the exchange and the traders as well.

HotBTC is the best cryptocurrency exchange that offers trades with cryptocurrencies, such as Bitcoins, Ethereums, Litecoins, and various other digital alternatives. The cryptocurrencies used on the exchange are fully decentralized and are operated independently without the intervention of banking authorities. Moreover, the digital assets that are traded on the platform do work as a medium of exchange following the principles of cryptography to ensure a more secure transaction.

What HotBTC does to comply with the AML regulations?

Like all other cryptocurrency exchanges, HotBTC AML Regulations also complies with the laws and regulations of the country where the exchange is operating based on its location, 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.

However, it is also true to the fact that these practices and requirements may vary from exchange to exchange and the crypto exchange may even need to comply with the 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, for 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.

The AML procedure as maintained by HotBTC –

As mentioned above in order to become the top crypto trading platform and provide industry-standard services to the traders the exchange does need to comply with the AML regulations. However, the AML regulations of HotBTC can be further divided into several segments –

  • To manage risks on the platform which may arise once you are trading on the platform.
  • To maintain customer acceptance policies (CAP) and it is yet another important thing to be considered by the exchange according to the demographics of the country.
  • To continuously monitor the transactions on the platform and ensure regulatory compliance and identify any suspicious activities or risk management.
  • To maintain a proper customer identification program (CIP) in order to 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. HotBTC is counted among the top crypto trading platforms for allowing traders to trade with fiat and cryptocurrencies on the same platform as well.

Apart from the HotBTC AML Regulations, the exchange also offers varied security measures against different security threats such as blackmails, fake Bitcoin exchanges, free giveaways, impersonations, Malware, etc. The best thing is that HotBTC is best known for offering security measures against all types of scams. In order to avoid scams, the exchanges also need to have fraud prevention strategies that can be conducted by keeping a proper balance between security measures and trader experience.

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