Categoria

KYC / AML procedures

Is it enough to simply declare the source of funds, and does BitBay ask all users about such matters?

A declaration alone is not sufficient and must be supported by appropriate documentation (§ 43(1) of the Estonian Act on Prevention of Money Laundering and Terrorist Financing of 26.10.2017). In the context of verifying the source of funds deposited on the platform, the principle of an individual ap...


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What are the consequences of refusing to submit a statement of revenue sources?

In the event that, without the support and participation of the Customer (i.e. by providing the relevant documentation), BitBay is unable to determine and confirm the sources of the funds deposited at the exchange, in accordance with the Act (Estonian Act on Prevention of Money Laundering and Terror...


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What if the cryptocurrency comes from an exchange that no longer exists and I am unable to generate a confirmation?

In this case, it is best to use email confirmations of the deposit or withdrawal orders to/from the exchange. If this is not possible either, please describe as precisely as possible the flow of the funds being verified to enable verification of the information about them in the external sources of...


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How do I document cryptocurrencies that have been obtained, for example, by trading on another exchange? What documentation is sufficient in this case?

In this situation, it is sufficient to prove the purchase of the cryptocurrency using a FIAT currency on another exchange and prove the history of the transaction that generated the gain transferred to the BitBay account. Ideally, the transaction history on another exchange should allow the user to...


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How do I show the source of funds if I have exchanged cryptocurrencies on a platform from which transaction confirmations cannot be generated?

In this case, we can accept the history in the form of screenshots representing the exchange transaction. It is important that these should show an ID which allows the owner to be determined, e.g. an email address, username or name and surname that also appears in our system so that we can link the...


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How can I show my savings from the last ten years or so?

In this case, we suggest that you present the process of collecting your savings by generating a statement of amounts credited in your savings account showing how they were collected. We understand that it is not always possible to present the entire savings process, so usually at the beginning we a...


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How do I prove a donation made to me if it does not exceed the amount required to be reported to the Tax Office?

In this case, it is sufficient to confirm the transfer of funds between the donor and the recipient. The easiest way to do this is to show a transfer confirmation or a donation agreement with indication of a donation in cash.

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Why do other exchanges handling FIAT currencies not ask about such matters?

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 the rules of the Estonian jurisdiction. The operations of the BitBay exchange are undertaken on the basis of AML regulation, namely the Estonian...


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