Operating a global cryptocurrency exchange requires a steadfast commitment to regulatory compliance. EXTRACTBIT performs its services with the highest standards of legal and ethical conduct. We actively collaborate with regulators and policymakers to shape a sustainable and safe future for the crypto industry.

Regulatory Licenses and Registrations

We have obtained licenses and registrations in multiple key jurisdictions globally. This allows us to offer our services legally and transparently to users around the world. Our compliance team works tirelessly to ensure we meet the specific requirements of each region we operate in, from capital reserves to consumer protection laws.

Anti-Money Laundering (AML) & Counter-Terrorist Financing (CFT)

Preventing illicit activity is a top priority. We have implemented a robust AML/CFT program that includes:

  • Transaction Monitoring: Advanced systems to detect and report suspicious transaction patterns.
  • Sanctions Screening: Screening reliable databases to ensure we do not do business with sanctioned individuals or entities.
  • Risk Assessment: Regular evaluation of our exposure to financial crime risks.

Know Your Customer (KYC)

Identity verification is mandatory for all users who wish to transact on EXTRACTBIT. Our tiered KYC process ensures that we know who our customers are, preventing identity theft and fraud.

We collect and verify government-issued IDs, perform facial biometric checks, and in some cases, verify proof of address. This data is handled with the utmost confidentiality and security, in compliance with GDPR and other data privacy regulations.

Travel Rule Compliance

EXTRACTBIT is fully compliant with the FATF Travel Rule. This means that for certain transaction thresholds, we securely transmit sender and beneficiary information to counterpart VASPs (Virtual Asset Service Providers). This helps to prevent funds from being moved anonymously by bad actors.

Law Enforcement Collaboration

We maintain an open channel of communication with law enforcement agencies worldwide. We respond promptly to valid legal requests and assist in investigations to track and recover stolen funds, contributing to a safer overall crypto ecosystem.

By prioritizing compliance, we ensure the longevity and stability of our platform, protecting our users' assets from regulatory uncertainty.