As the UK’s No.1 Bitcoin exchange, Coinfloor has to make business decisions as to who we accept as customers for commercial, compliance, fraud risk and impending regulatory reasons.
For the absence of doubt, below we clarify the customers we do and do not accept.
Coinfloor is for:
Individuals or businesses looking to invest in bitcoins as:
- A new kind of commodity that many believe could have supernormal returns over the mid to long term*
- An uncorrelated asset that could strengthen their investment portfolio*
- A potential inflation hedge to help maintain the value of some of their savings / holdings*
* This should in no way be considered or treated as investment advice.
Individuals or businesses looking to trade bitcoins on Coinfloor (in a way that is similar to trading traditional assets on stock, FX or commodity markets).
Regulated and pre-emptively compliant brokerages, payment processors and remitters:
- Brokerages: Individuals or businesses looking to provide a bitcoin brokering service
- Payment processors: Businesses offering bitcoin payment processing for merchants.
- Remitters: Businesses offering bitcoin remittance.
All the above customer types must be carrying out the level of “Know Your Customer”, Anti Money Laundering, Counter Terrorist Financing and compliance processes befitting a high risk space such as this.
Other customers not in the “Coinfloor is not for” section below:
Coinfloor would need to review on a case by case basis to decide if they are acceptable.
Coinfloor is not for:
Money launderers / financial criminals / terrorist financers:
- Anyone looking to use bitcoins for the purposes of hiding wealth to avoid paying tax.
- Anyone receiving bitcoins from the proceeds of theft, extortion (eg. ransomware) or other illegal (as defined under UK law) activity.
- Anyone planning to use bitcoins to support a terrorist organisation or send funds to a sanctioned country (as defined under UK law).
Darknet market users:
- Anyone planning to use bitcoins to buy products or services on the darknet or tor markets.
Unlicensed gambling site users:
- Anyone looking to use “dice” sites or any other form of unlicensed (under UK law) gambling sites.
Unlicensed brokerages, payment processors and remitters who are not preemptively compliant:
- This includes any individual or company whose activity on Coinfloor could be described in significant part, as constituting brokerage, payment processing or remittance and who are not carrying out the level of “Know Your Customer”, Anti Money Laundering, Counter Terrorist Financing and compliance processes befitting a high risk space such as this.
Coinfloor continually enhances the measures it employs to identify the types of customers using our site. If we determine that you are not an individual or organisation we are willing to serve, we will take immediate action to disable and or exit your account.
We hope that the above helps clarify who Coinfloor is and is not right for. If you have any questions please feel tree to contact us.