Cryptocurrencies are often associated with anonymity and fraudulent behaviour. With the implementation of the Anti Money Laundering Directive 5 (AMLD5) Cryptocurrency providers have to oblige to the Wwft which implements the European Anti Money Laundering regulation (AMLD4). The Dutch Central Bank (DNB) is a supervisor and monitors if financial institutions follow these regulations.
As a result, BUX Crypto must also adhere to these new rules which include doing an enhanced identity verification and sanctions list check of all customers during onboarding. And performing on-going monitoring on all transactions that are executed on the BUX Crypto platform to detect suspicious behaviour that might be linked to money laundering or terrorist financing.
That is why no user on our platform is allowed to do financial transactions (deposit, trade, withdraw) without a successful identity check.
BUX Alternative Investments B.V. has a registration with De Nederlandsche Bank N.V. (DNB) as a provider of crypto services. DNB supervises BUX Alternative Investments B.V.'s compliance with the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and the Sanctions Act 1977 (Sanctiewet 1977). BUX Alternative Investments B.V. is not under prudential supervision by DNB or under conduct supervision by the AFM. This means that there is no supervision of financial requirements or business risks and no specific financial consumer protection.