BitDash KYC (Know Your Customer) Policy

Last Updated: March 6, 2025

1. Introduction

This Know Your Customer ("KYC") Policy describes the identity verification procedures implemented by BitDash to prevent fraud, money laundering, terrorist financing, and other illicit financial activity.

BitDash operates as a digital asset conversion platform, allowing users to buy, sell, and swap cryptocurrencies. The platform does not operate trading markets, derivatives, margin trading, or leveraged products.

Fiat-to-crypto transactions are facilitated through regulated third-party payment providers.

BitDash is committed to complying with applicable Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) standards.

2. Purpose of the KYC Program

The objectives of the BitDash KYC program are to:

  • Verify the identity of platform users
  • Prevent the misuse of the platform for financial crime
  • Maintain a safe environment for digital asset transactions
  • Comply with global AML and CTF regulatory standards
  • Support secure fiat-to-crypto access through licensed partners

3. Scope

This policy applies to:

  • Individual users purchasing or selling digital assets
  • Users conducting cryptocurrency swaps
  • Users accessing fiat on-ramp or off-ramp services
  • Institutional clients using the platform

Identity verification may be required before users can access certain platform features.

4. Customer Identification Program (CIP)

BitDash implements identity verification procedures to confirm the identity of users before enabling full platform functionality.

4.1 Individual Users

Users may be required to provide:

  • Full legal name
  • Date of birth
  • Residential address
  • Nationality
  • Government-issued identification document

Accepted identification documents may include:

  • Passport
  • National identity card
  • Driver's license

Additional verification methods may include:

  • Selfie or liveness verification
  • Proof of address documentation (utility bill, bank statement)

4.2 Institutional / Corporate Clients

Corporate clients must provide:

  • Legal entity name
  • Company registration number
  • Registered business address
  • Certificate of incorporation
  • Articles of association

BitDash may verify Ultimate Beneficial Owners (UBOs) holding 25% or more ownership.

Additional documentation may include:

  • Director identification documents
  • Corporate structure details
  • Authorization of account representatives

5. Risk-Based Approach

BitDash applies a risk-based approach to user verification and monitoring.

Users may be categorized as:

Low Risk

  • Small transaction volumes
  • Users located in low-risk jurisdictions

Medium Risk

  • Moderate usage of platform services
  • Limited transaction history

High Risk

  • Users located in higher-risk jurisdictions
  • Large purchase or swap volumes
  • Accounts flagged by monitoring systems

High-risk users may be subject to Enhanced Due Diligence (EDD) procedures.

6. Enhanced Due Diligence (EDD)

Additional verification may be required for certain users or transactions, including:

  • Source of funds verification
  • Source of wealth declarations
  • Additional identity documentation
  • Manual compliance review

Enhanced Due Diligence may also apply to:

  • Politically Exposed Persons (PEPs)
  • High-value transactions
  • Institutional accounts

7. Sanctions and Watchlist Screening

BitDash performs screening against international sanctions and watchlists including:

  • UN sanctions lists
  • EU sanctions lists
  • OFAC sanctions lists
  • Politically Exposed Person (PEP) databases

Accounts associated with sanctioned individuals or entities will be restricted or terminated.

8. Transaction Monitoring

BitDash maintains monitoring systems to identify suspicious or unusual activity.

Monitoring may include:

  • Rapid asset conversion patterns
  • Large or repeated transactions
  • Interaction with high-risk wallet addresses
  • Activity linked to known illicit networks

If suspicious activity is detected, BitDash may:

  • Temporarily restrict accounts
  • Request additional verification documentation
  • Report activity to relevant authorities where required

9. Record Retention

BitDash retains identity verification records and transaction information for a minimum of five (5) years, or longer if required by applicable regulations.

10. Data Protection

Customer data collected for identity verification is stored securely and processed in accordance with applicable data protection regulations.

Security measures include:

  • Encryption of personal data
  • Secure identity verification systems
  • Access restrictions for internal personnel

11. Third-Party Service Providers

BitDash may rely on trusted third-party providers to support identity verification, sanctions screening, and fiat processing services.

Fiat on-ramp functionality is provided through regulated partners such as Onramper.

12. Ongoing Monitoring

Customer accounts may be periodically reviewed to ensure compliance with applicable regulatory standards.

BitDash may request updated documentation including:

  • Updated identification
  • Proof of address
  • Source of funds documentation

Failure to comply may result in account restrictions.

13. Account Restrictions

BitDash reserves the right to:

  • Restrict accounts pending verification
  • Refuse service to users from restricted jurisdictions
  • Block transactions deemed suspicious
  • Terminate accounts violating platform policies

14. Policy Updates

BitDash may update this KYC Policy periodically to reflect regulatory requirements, operational changes, or improvements to compliance procedures.

15. Contact

Inquiries can be directed to:

BitDash

Email: support@bitdash.app