LocalBitcoins & XBit Asia
XBit Asia doesn’t restrict (or endorse) any legal, personal transactions by our customers.
In effort to grow and improve the Bitcoin payments landscape, however, there are certain transactions (as defined in our Terms) that could result in account suspension.
If we detect that you are buying or selling on behalf of others, operating as a money transmitter, payment service provider, e-money or any other financial service business, we reserve the right to restrict or terminate your account.
We take security and KYC/AML compliance very seriously at XBit Asia. Ill-gotten “dirty money” could be laundered and layered through sites like LocalBitcoins --as the identity of the buyer/seller isn’t known or verified-- and then be traded for “clean money” on our platform. This holds true for Bitcoin exchanges that don't do have proper KYC/AML compliance in place.
We will take necessary steps to ensure that neither XBit Asia nor our customers --willingly or unwillingly-- play a part in facilitating these sorts of transactions.
For those operating regulated financial services businesses, we will require the following information from you to continue using our services:
- Have you registered with the FIC and what is your registration number?
- Please describe or provide a document that outlines your AML/KYC policies and procedures.
- What is the nature of your business?
- Is your business run as an individual (sole proprietor) or have you incorporated a company?
The XBit Asia Compliance Team