KYC (Know Your Customer) Policy
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 forfeited.
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 them:
- A copy of the client’s valid passport including the signature page
- 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 documents?
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 documents?
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 firstname.lastname@example.org
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.