LEGAL

We understand that regulatory bodies have taken a diverse approach to the laws and regulations regarding digital assets. As a trading platform, we believe that Bitcoin is a digital asset that is emerging as an innovative alternative asset class; and therefore, digital assets should not be called currency or money.

Disclosure: Digital assets are not fiat money nor fiat currency. Digital assets such as Bitcoin are NOT backed by any government or central bank. Nevertheless, since we provide a valuable feature to our customers who wish to trade and settle in fiat, we believe it is imperative to maintain a robust AML/ATF/Sanctions program as we connect with the fiat financial system. We may at times have opinions of the different regulatory approaches taken by various government bodies; however, at all times, we will fully abide by rules and regulations of the respective countries we operate in; mainly, the United States. We regularly reach out to regulators and industry on the best approach to regulating digital asset businesses. Furthermore, BitLeague LLC and affiliates do not accept certain customers. To maintain our strong reputation in the market and ensure a robust compliant marketplace, we have decided to not seek nor accept customers from certain jurisdictions including any jurisdiction which has US Sanctions imposed on it. Please refer the “Restricted Territories” in Terms and Conditions for certain jurisdictions we do not offer service.

We have designed our Program to reasonably prevent money laundering and terrorist financing through a risk-based, multi-layer control system.

The first layer includes a stringent customer identification program, including verifying the identity of our customers, whether individuals or entities. In addition to obtaining identification documents, we obtain for non-natural persons their entities’ beneficial owners/natural persons consistent to international standards such as the Financial Action Task Force (FATF).

The second layer includes a risk-based system to warrant additional customer due diligence. To accomplish this, we screen our customers (including beneficial owners) against the entities/persons on the United States Office of Foreign Assets Control (OFAC) Sanctions Lists, and the United Nation Security Council Sanctions List, among other government-provided lists of sanctioned individuals and entities. We also may screen against other lists on a discretionary basis to protect our reputation and customers.

The third layer includes ongoing monitoring for suspicious activity. If our Program suspects or has reason to suspect suspicious activities have occurred, we will file suspicious activities reports with local regulators. A suspicious transaction is often inconsistent with a customer’s known and legitimate business, or personal activities.