What is the legal basis for collecting information about my finances?
The BitBay exchange is a regulated exchange holding an Estonian licence for “Providing a virtual currency service”. As a result, the exchange is subject to rules of the Estonian jurisdiction.
The activities of the BitBay exchange are undertaken on the basis of AML regulation, namely the Estonian Act on Prevention of Money Laundering and Terrorist Financing of 26.10.2017. However, national rules in the European Union are based on EU regulations (the AML directives IV to VI).
In short, this is a requirement arising from the requirement to apply financial security measures in the form of monitoring the business relationship with the customer, with particular regard to the funds deposited with us (§ 23(2)(3) of the Estonian AML Act).