1. AML (Anti-Money Laundering) is a set of measures aimed at combating money laundering, terrorism financing and other illegal financial transactions.
AML policy on cryptocurrency exchange websites is necessary to comply with international standards for preventing money laundering and terrorism financing. It also helps to protect website customers, their personal data, and financial assets from fraud, theft, and other criminal activities.
Cryptocurrency exchange websites play an important role in the cryptocurrency ecosystem and are a key channel for fiat money input and output to the cryptocurrency market. Cryptocurrency transactions can be used for money laundering and terrorism financing, so cryptocurrency exchange websites are required to conduct customer and transaction checks in accordance with AML standards.
2. As a provider of virtual/crypto asset services, an exchange office is required to verify all suspicious transactions related to these assets. This includes user identification (KYC) and determining the origin of the virtual/crypto asset. During the verification process, the virtual/crypto asset must be blocked until the transaction has been verified.
3. The service is entitled to use any lawful methods to detect illicit transactions on its platform, utilizing internal algorithms and collaborating with certified partners offering such tools and methods (such as Crystalblockchain, AMLBot, and others). The service is required to identify and prevent financial crimes in accordance with international anti-money laundering and counter-terrorism financing standards.
4.By creating an application on the website, the Client agrees that an AML/KYC check may be conducted in relation to them. As part of the AML/KYC check, the Client agrees to the processing and storage of their personal data as necessary. The service reserves the right to suspend financial transactions in cases where the AML check of the transaction submitted by the client shows significant risk. More than that: Dark Service and Dark Market – 25%; Mixer and Gambling – 25%; Exchange Fraudulent, Scam, Illegal Service, Stolen and Ransom – 5.5%.
5. If a user’s application is suspended, they must undergo an extended verification process. To do this, they must provide a photo of one of their documents (passport, ID or driver’s license) and a selfie with this document and a sheet of paper with today’s date and signature. In addition, the user must answer several questions, including information about what funds were received and for what purpose, as well as screenshots and links to transactions. The service may request additional documents for extended user verification to ensure that they are not involved in illegal activities. Each case is considered individually.
6. After receiving sufficient data for verification, the following verification process begins:
1. If the application has been rejected by the MinedTrade operator, the data will be verified by the service administrator during working hours.
2. If the application has been suspended at the initiative of a cryptocurrency exchange or law enforcement agencies, we may send the data to them before receiving a decision from their side.
2.1. Usually, document verification takes up to 7 business days.
2.2. If the funds have been blocked on a cryptocurrency exchange at the request of an external regulator, they will be frozen until permission is obtained to unblock and return them. The waiting time for notification may be indefinite.
The user agrees with the verification conditions and undertakes to provide the necessary data, as well as not to make claims against the Service regarding decisions made in connection with verification.
7. The user has the right to refuse to undergo verification. If funds are blocked by the exchange service to which they were sent using online or offline wallets (not related to the exchange), a refund will be made minus 0-5% of the amount based on the damage caused by the user to the exchange and network fees. If a “hot” wallet was used by the exchange service and the funds were blocked on the exchange, the user will lose their funds completely if they refuse to undergo verification because the decision on unblocking is made by third parties. After providing all the necessary documents, the timeframe for returning funds is not regulated. If the cryptocurrency is frozen and during this freeze period a request to arrest the funds is received from the police or court, all funds will be transferred to law enforcement and cannot be returned.
The exchange service warns users that any attempt to use our service to launder money obtained by criminal means, finance terrorist organizations, commit fraud of any kind, or purchase prohibited goods and services is prohibited. Our service is provided only for honest and lawful transactions, and we do not take responsibility for any unlawful use by third parties. We are not responsible for the actions of criminals and any possible damages associated with illegal activities.
