(05-13-2024, 10:56 AM)paid2 Wrote: Welcome on the forum,
I just had a quick look on your website and found this in your ToS: https://letsexchange.io/kyc-aml
Quote:4.2. The Compliance Officer is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity.
Quote:If you are from any of the high-risk and non-cooperative jurisdictions listed on the website of Financial Action Task Force (FATF), you are not allowed to register as a Customer of this Website or use any service offered by this Website.
By accessing and using Company’s services and the Website, you acknowledge and declare that you are not located in, or are not a citizen or resident of USA, Afghanistan, North Korea, Democratic Republic of Congo, Eritrea, Libya, Somalia, South Sudan, Sudan, Yemen, Iran, Iraq, Cuba, Syria, Mali, Central African Republic, Guinea-Bissau, Lebanon or any other country subject to United Nations Security Council Sanctions List and its equivalent.
The Company may change this AML/KYC Policy at any time without any notice, effective upon its posting on the Website. Your continued use of the Website and services shall be considered your acceptance to the revised AML/KYC Policy.
For Law Enforcement requests please direct your official document to our compliance team at: [email protected].
I'm not blaming you, because you don't claim to contribute to the freedom of your users, so it is honest, but I think it's still worth mentioning it.
Hi paid2,
Thank you for your welcome and bringing up these important points about our KYC/AML policies. We understand that transparency and security are paramount when it comes to cryptocurrency exchanges.
Firstly, I'd like to clarify our stance on AML. At Let's Exchange, we take AML very seriously. Our system automatically checks all deposits to prevent using funds linked to illegal activities. This is crucial in maintaining a safe and trustworthy environment for all our users.
Our goal is to maintain a safe environment for all our users and to prevent any misuse of cryptocurrency for illicit purposes. The broader acceptance and adoption of cryptocurrency in society depends significantly on its association with legitimate and diverse uses rather than just gray or black market finances.
Regarding funds flagged for AML risks, we do not block these funds outright. Instead, we ensure that our users are protected by making refunds if necessary. This approach balances security with user trust and ensures that our platform remains a safe place for transactions.
As for KYC requirements, we currently allow users to exchange cryptocurrencies without mandatory registration, making the process straightforward and user-friendly. However, we reserve the right to request KYC documentation in rare situations to comply with legal and regulatory requirements.
We are also committed to protecting our users' privacy. Our privacy policy outlines how we collect, use, and protect personal data. We only collect information necessary to provide our services and comply with legal obligations.
We hope this clarifies our position and reassures you about our commitment to security and user protection. We’re open to feedback and further discussion on this topic, so if you have any more questions or need additional details, feel free to ask!
Best regards,
LetsExchange Team
