Aussie crypto exchange turns attention to new laws

BTC Markets expects delays, fine-tuning.

Australian cryptocurrency exchange BTC Markets has warned users to expect deposit and withdrawal delays as it “fine-tunes” transaction monitoring systems to meet new legal obligations.

Last month, financial regulator AUSTRAC was handed the authority to monitor local digital currency exchanges under new Anti-Money Laundering and Counter-Terrorism Financing (AML-CTF) laws. It’s the first time Australia’s digital currency sector has been regulated, and BTC Markets is the first local exchange to detail what that might mean for its operations.

The company said it already verified “the identity of our users, their source of funds, and the purpose of their transactions as they occur on our platform … in anticipation of falling under AML/CTF Act regulation”.

“We use this information to calculate a risk score,” it said in a blog post.

“That score determines how we manage and mitigate a user’s risk. This will soon be required by the AML/CTF Act and we take our compliance obligations very seriously.”

The exchange warned this could add time to the process of verifying new users before they can trade.


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Source: Aussie crypto exchange turns attention to new laws – Finance – Software – iTnews