BitExChain.com is a trading name of CoinFarm OÜ, a company registered under the laws of Estonia, registered number 14767047, with a registered and operational address is Rännaku pst 12 Nõmme linnaosa, Harju maakond 10917, Tallinn, Estonia
We guarantee the timely implementation of legislative changes. Any exchange wishing to stay afloat must comply.
AML/KYC Policy covers the following matters:
One of the international standards for preventing illegal activity is Know Your Customer (KYC) and Anti-Money Laundering (AML) verification procedures. BitExChain.com follows and monitors those procedures carefully under the general international standards. Furthermore, BitExChain.com follows the AML/KYC requirements setfourth by the license provider (Financial Inteligence Unit FUI, Ministry of Economics, Estonia). BitExChain.com reserves the right to decline or approve a User's verification at its sole discretion. Furthermore, BitExChain.com reserves the right to require and ask the User for any further documents needed in order to complete the verification procedures. A User will not be able to perform any exchange activities, sell or purcahse, or withdraw any Crypto currency or Fiat currency, prior to successfully completing the following verification procedure and verify the following:
Description: Your application is pending our team's review • This is a case-by-case process and may take anywhere from a few hours to a couple of business days, depend on many factors (e.g. your country of application, nationality, quality of the pictures, etc.) If your status does not change within 3 business days, please contact Support through the in-app chat (Contact Support). You may be asked to provide us with additional information. Please be mindful of our instructions and never send us any personal information we did not request (including pictures, scans, PDFs, etc.)
Description: An issue occurred with one or more of the above-listed elements in your application and we need you to repeat the process • Tap "Resubmit" and follow the ID/selfie submission process again. If it happens 2-3 times and you’re not receiving any communication from us, please use the in-app chat to find out more about the issue.
Description: Your verification is complete and you can proceed to-
• Buy/sell/store/send/track cryptocurrencies
1. Place ID on a dark surface.
Document verification works best when there is contrast between the ID and the surface on which it is placed. Preferably a plain black paper or a black sheet with no text or printing on it. 2. Place ID on a plain surface.
It should not be placed on a newspaper, magazine, keyboard, countertop or on your thigh. Holding the document in hand and scanning it may result in a failed verification. Any key elements that are obstructed (barcodes or text) may result in a failed verification. Use a plain dark background and ensure fingers are not obscuring the document.
3. All 4 corners visible.
When your image an ID/passport, align the edges of the ID or passport bio page within the camera screen and ensure ID should cover 80% of the overall image.
4. Right distance between the ID and device.
Hold the device over the ID at a distance where the document is completely inside the camera screen. For Passport ensure bio page only.
5. No glare.
When you scan the document, please ensure there is no glare on it. You might have to scan it multiple times if there is glare.
6. Avoid dark areas.
Scan the document in well-lit room or area (not in a darkened room or area). Normal day light or a well-lit room is ideal.
7. Avoid Skewing of image
Images should not be skewed / angled (2-3 degrees is acceptable)
8. Hold steady.
Try to not to shake the device when you are taking the image of the ID document.
The larger the file, the longer it takes to process the image and generate a response. Maximum file size: 4MB per image; High Resolution Color image; 8 Megapixel camera with 3264 x 2448 pixel resolution or better; Minimum supported physical resolution is 300DPI (dots per inch); 24 Bit color depth (8 Bit Grayscale is the minimum acceptable image depth); Black and white images are not acceptable; JPEG is recommended but PNG is also acceptable; Images should not be skewed / angled (2-3 degrees is acceptable); Use diffused lighting that won’t add glare; Ensure no shadows or holographic reflection are captured in the ID image; Use a plain dark background that contrasts the color of the ID to clearly detect edges; Ensure all the edges of the ID are visible and no edge is cutoff; ID image should be non-blurry and well-focused; ID Image should cover 80% of the overall image
If we note a suspicious transaction, it is blocked to allow our platform to ensure there is no fraudulent behavior. After a customer has been approved, BitExChain.com performs a comprehensive process of transaction monitoring. This is accomplished with the BitExChain.com system, developed to utilize internally developed automated fraud prevention and risk management system.
Having an experienced AML specialist is crucial. This person has access to all our data and is responsible for the development, implementation, and maintenance of a risk assessment framework for anti-money laundering. The CEO of the company can perform this function, but for us, it is vital to have an experienced individual with an independent outlook on the situation and a working knowledge of the company. We have just such a person who keeps abreast of innovations in legislation and implements them to the company.
We are very proud of our financial security monitoring department and the antifraud system that has been developed and implemented. It is similar to the scoring systems in banks and enables us to check the quality of all the transactions.
Why do you need this information?
Compliance is one of our core competence areas
The app won't scan my ID or take my selfie?
Please try the manual upload feature if you have been unsuccessful in scanning your document and/or selfie on your initial attempt.
The following steps will help you to go through the verification process faster:
1. Full Legal Name: Make sure that the name you type is the same as the one on the document you provide. If the document uses abbreviations or initials, please use your full names instead. Make sure there are no spelling mistakes
2. Take a Good ID Picture: Take the picture of the ID in a well-lit environment. Make sure all four corners of the document are visible and there are no reflections (if your phone’s flashlight is on, be sure to switch it off). Clean the lens, hold the phone steady, position the camera in a way that the picture frame touches the edges of the document – once it does, the picture will be taken automatically. After the picture has been captured, make sure that the information on it is legible. If you’re not sure of the quality, retake the picture before submitting.
3. Take a Good Selfie Picture: When taking the selfie, hold the camera steady and follow the green dot with your eyes (this process uses video and photo camera), without turning your head. Try to remain still as much as possible – it won’t take long!