Compliance measures and Impact on our Services

https://blog.bity.com/2023/07/24/compliance-measures-and-impact-on-our-services/

Dear customers,

We want to address recent developments at Bity regarding compliance measures mandated by our SRO. These measures are aimed at adhering to the travel rule, seemingly designed to identify the recipient of transactions.

In response to the SRO’s request, we had to take immediate actions to implement these measures within a short timeline. However, we apologize for the late communication, as the SRO communiqué significantly increased the workload on our technical and legal teams, which were already spread thin due to summer holidays.

For orders with a crypto output, customers are now required to provide a proof of ownership for the receiving address. In an effort to mitigate the impact of these measures, this signature is only required the first time a customer uses the address as an output; the signature will not be required either when duplicating an order where a signature for the output has already been provided. Orders with a fiat output remain unaffected and will continue as usual.

Bity understands that this change may cause some inconvenience, and apologizes for any disruptions. Our teams are working diligently to explore alternative methods that do not require proof-of-ownership, seeking to optimize the process for our exchange partners and verified customers while maintaining compliance.

We’re committed to advocating for solutions that allow transfer transactions, ensuring compliance with regulations while supporting growth of the cryptocurrency ecosystem in Switzerland.

Thank you for your understanding and continued support during this adjustment period. If you have any questions or need further assistance, please don’t hesitate to reach out to our support team.