In recent times, Know Your Customer (KYC) policies have grown to be
of vital importance in the financial world, not only with banks but
with numerous financial institutions of all sorts on a global scale.
The purpose of KYC policies is to ensure the prevention of identity
theft, financial fraud, money laundering and terrorist activity .
Binary Xchange holds a zero tolerance fraud policy, with all possible
measures being taken on our end to prevent it. If fraudulent
activity comes to our attention, it will be documented straight away
and any accounts found to be related to such activity will
subsequently be closed, with all funds held in those accounts
Committed to safeguarding the privacy of our clients’ sensitive data,
such data including but not limited to account/transaction
information, BinaryXchange employs a variety of security and fraud
control measures. In order to secure our clients’ electronic
transactions, we ask them to provide us with certain data, including
their deposit method of choice.
When clients deposit funds we require the following documents from
A copy of the client’s valid passport including the signature
Copies of the credit cards the client will use to make deposits
(Front side with only the 4 last digits visible, back side with
the CVV covered).
A copy of a recent utility bill (no older than 6 months) in the
client’s name and address
A signed purchase history of the client’s online transactions
When do clients need to provide these
Binary Xchange appreciates the time our clients take to provide us
with all the required documentation; the sooner these documents are
provided, the sooner we can begin to process our clients’
transactions. Receipt of all necessary documents must take places
before we can make any cash transactions to a client’s benefit.
Certain circumstances may call for the submission of these documents
before any other activity can take places in a client’s account,
e.g. deposits or trading.
If we do not receive the necessary documents from a client, all their
pending withdrawals will be cancelled and credited back to their
trading account. If such an event is to occur, we will notify our
clients as soon as possible.
How can clients send us these
Clients can scan their documents or take a high quality digital
camera picture, saving the images as jpegs and then sending them to
us via email to email@example.com
How can clients be sure their documents
are safe with us?
At Binary Xchange, security is one of our highest priorities; all
documents we receive are treated with absolute confidentiality and
are protected using the highest level of encryption during every
step of the review process.