Cryptocurrency providers like BTC Direct are legally required to verify that funds used to buy crypto come from legitimate sources. This is part of AML/CFT regulations and the Dutch Money Laundering and Terrorist Financing Prevention Act (Wwft). These measures help prevent fraud and contribute to a safer and more transparent crypto market.
When is verification needed?
You’ll be asked to verify your source of funds once your transactions reach a certain size or frequency, based on legal thresholds and internal policies. If this applies, you’ll receive a request from BTC Direct.
How does the procedure work?
You’ll complete a questionnaire explaining the origin of your funds (e.g. salary, savings, investments, property sale). Based on your answers, BTC Direct may ask for supporting documents such as bank statements, payslips, or purchase agreements.
How is your data handled?
All personal data is processed in line with the GDPR. BTC Direct treats your information securely and confidentially. Data is only used to meet legal obligations and is stored only as long as necessary, in line with legal requirements. For more details, see the Privacy Statement.
What if you can’t provide the information?
If you’re unable to provide suitable documentation, BTC Direct may not be able to process further transactions until the source of funds is confirmed. It's important to respond promptly and submit the requested documents.
For questions or help, you can contact the compliance team at compliance@btcdirect.eu.
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