Because of the new Wwft legislation that came into effect on 21 May 2020, LiteBit users need to have their account verified.
The Wwft is an abbreviation for the Money Laundering and Terrorist Financing (Prevention) Act. The purpose of this Act is to combat money laundering and terrorist financing and to guarantee the integrity of the financial markets.
Why do I need to identify myself?
As of 21 May 2020, LiteBit is legally obliged to obtain a minimum of information from its users. This helps to prevent money laundering and terrorism.
In accordance with the legal obligations, we must, therefore, ask you to go through this KYC (Know Your Customer) flow once when you sign up. Unfortunately, you cannot avoid this process even if you contact us about this issue.
The flow consists of a few steps that you can go through in a few minutes. You can rest assured that your data will be treated with the utmost security and confidentiality. Once you've gone through the flow, you can use LiteBit again as usual.
I have already verified myself, do I need to do it again?
If you verified your account before October 2018, we will ask you to verify yourself again. Before that date we used a method of verification which is no longer acceptable for the regulators to which we have to comply under European and Dutch law.
There could be other reasons where we have to ask you to verify yourself once more. A document may have expired or additional verification may be required due to security concerns. In all cases you will find instructions in the Dashboard right after login.
What should I do?
If you're already fully verified, you don't need to go through the KYC flow. You can then use all of our services as usual without having to do anything else.
If you are not authenticated and wish to continue using our services, as usual, you will need to verify your account. So please note: since May 21, 2020, access to the Litebit platform/services is limited until you are fully verified
What if I can't verify?
If you don't want to verify or can't verify because you don't have an accepted document for verification, we request that you withdraw all your crypto before May 21, 2020, because after that you will have limited access to the LiteBit platform and services until you are fully verified.
Are there alternatives?
We understand that this can be very frustrating, but there is no alternative or solution we can offer. We apologize for any inconvenience this may cause.
Please note: we do not process tickets relating to complaints about the regulation (or why certain documents are not acceptable for verification). In addition, we do not offer alternative verification methods and will not manually verify your account. The only way to verify your account is through our affiliate services and there is nothing we can do to complete your verification if our affiliate services cannot verify your account.
What happens to my crypto and/or LiteBit credits?
As of 22 May 2020, you can only trade on LiteBit if you completed the verification process. You can always withdraw LiteBit credits to your bank account or crypto to a wallet. You will not lose funds as a result of the new regulations.
Are you a US person?
As a US Person, you are not allowed to use LiteBit's services.
Contact Customer Support on +31 (0) 10 310 41 75. Available Monday through Friday from 9:00 AM to 5:00 PM.