Cryptocurrencies are often associated with anonymity and fraudulent behaviour. Therefore, as of 2020 the Dutch central bank (de Nederlandsche Bank) has implemented new legislation to minimize money laundering and terrorist financing risks that bad actors in the cryptocurrency ecosystem pose on the financial system. BUX B.V. is authorised as an investment firm and supervised as such by the Dutch Authority for the Financial Markets (AFM).
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.