The head office of LiteBit is located in the Netherlands. That is why we are obliged to comply with Dutch legislation. The laws that deal with major investments are the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
To comply with these laws, we have to verify our customers. We do this on the basis of the 'Tier-verification system'. This system consists of three levels. When you trade with a trading volume of € 2,500 per year or more, we can ask you to verify the account to the maximum level (Tier 3). In the Tier verification system the following types of verifications are required:
- Phone number verification
- Address verification
- Identity verification
Additional questions may be asked for a higher trade volume. If trading is done with a trading volume of € 10,000 per year or more, we can ask you to verify the source of your income (source of funds). The following questions can be asked:
- Do you have your own company?
- Where do you work?
- What is your function?
- Did you receive a donation?
- Have you inherited?
- Have you sold assets?
- Have you received dividends?
With a trading volume of € 25,000 per year or more, we can ask proof of the source of your income. The following supporting documents may be requested:
- Account overview
- Donation agreement
- Overview with dividends per share
- Overview of your cryptocurrency trades
Do you have additional questions about verifications and trading volumes? Then contact us.
+31 (0) 10 307 48 20