What is the new Wwft legislation (AML5) and what does it mean for me?

a month ago

What is the new Wwft legislation (AML5) and what does it mean for me?

Because of the new Wwft legislation that comes into effect on 21 May 2020, LiteBit users will need to verify their account.

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.

Read more about how your personal documents are stored.

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.

Read more about how to verify yourself.

Tip: we recommend that you do not wait until the very last moment to verify your account, as this could lead to complications in your account.

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.

Any questions?

Contact Customer Support on +31 (0) 10 310 41 75. Available Monday through Friday from 9:00 AM to 5:00 PM. Do you have an urgent question? Ask our chatbot.

More questions?

Trade anytime, anywhere

Boost your trading impact and reaction time in over 50 cryptocurrencies via instant access to your portfolio with the LiteBit app.

App StoreGoogle Play Store
App StoreGoogle Play Store
LiteBit App