ASSUNTOS LEGAIS
Licenses and Registrations
Fastex operates in compliance with all applicable laws, regulations, and licensing requirements within the jurisdictions where we provide our services.
Lithuania
Fastex Europe UAB has been registered with the Registrar of Legal Entities of the Republic of Lithuania as Virtual Asset Service Provider (VASP). The registration allows Fastex Europe UAB to operate as a crypto asset exchange and provide custody services. Registration code: 306161650.
Restricted Jurisdiction
As a centralized crypto exchange, Fastex operates within the framework of applicable laws and regulations. However, it is important to note that the company may have restrictions on providing our services to residents of certain jurisdictions, like Afghanistan, China, Democratic People’s Republic of Korea (North Korea), Iran, Myanmar, USA, etc. These restricted and high-risk jurisdictions may include countries or regions where legal or regulatory requirements make it impractical or prohibited to operate our platform. Fastex continually reviews and updates the list of restricted jurisdictions to ensure compliance with the evolving regulatory landscape. Users are responsible for understanding and adhering to the restrictions specific to their jurisdiction when accessing the company's services.
KYC
This KYC (Know Your Customer) procedure outlines the guidelines and procedures for identity verification and customer due diligence to be followed by Fastex. The purpose of this procedure is to ensure compliance with applicable laws, regulations, and best practices, while mitigating the risks associated with money laundering, terrorist financing, fraud, and other illicit activities. The procedure applies to all users of Fastex.
1. Customer Identification Program (CIP):
- The exchange shall establish a robust Customer Identification Program (CIP) to verify the identity of its customers.
- The CIP shall include collecting and verifying customer information, including but not limited to full name, date of birth, residential address, contact information, and any other relevant details.
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The exchange shall employ risk-based procedures to determine the level of verification required for each customer based on factors such as transaction volume, account activity, and jurisdictional considerations.
2. Document Verification:
- Customers shall be required to provide valid and current identification documents, such as government-issued IDs, passports, or driver's licenses.
- The exchange shall verify the authenticity of submitted documents using reliable and appropriate methods, which may include automated systems, third-party services, or manual checks.
- In cases where doubts exist regarding the authenticity or validity of the provided documents, the exchange shall request additional supporting documentation.
3. Address Verification:
- Customers shall provide proof of residential address, which may include utility bills, bank statements, or official government correspondence.
- The exchange shall verify the provided address through reliable sources, such as credit reference agencies, public databases, or other appropriate means.
4. Enhanced Due Diligence (EDD):
- The exchange shall apply enhanced due diligence measures for customers deemed high-risk, based on predetermined criteria, such as large transactions, politically exposed persons (PEPs), or customers from high-risk jurisdictions.
- EDD measures may include additional verification steps, source of funds declarations, independent reference checks, or enhanced monitoring of transactions.
5. Ongoing Monitoring:
- The exchange shall implement an ongoing monitoring program to detect and report suspicious activities.
- Monitoring shall include reviewing customer transactions, account activity, and conducting periodic risk assessments.
- Unusual or suspicious activities, as defined by applicable laws and regulations, shall be promptly reported to the appropriate authorities.
6. Data Privacy and Security:
- The exchange shall maintain strict data privacy and security measures to protect customer information.
- Access to customer data shall be restricted to authorized personnel only, and appropriate safeguards shall be implemented to prevent unauthorized access, use, or disclosure.
- Customer data shall be retained in accordance with applicable laws and regulations.
7. Record Keeping:
- The exchange shall maintain accurate and complete records of customer identification and transactional data for the required period as per applicable laws and regulations.
- Records shall be securely stored and readily accessible for audit or regulatory purposes.
8. Training and Compliance:
- The exchange shall provide regular training to its employees on the importance of KYC procedures, applicable laws, regulations, and best practices.
- Compliance with this KYC procedure shall be periodically reviewed and audited to ensure adherence to established procedures and standards.
9. Amendments to the procedure:
- This KYC procedure may be amended or updated as necessary to reflect changes in regulations, industry best practices, or the exchange's operational requirements.
Conclusion: By adhering to this KYC procedure, the exchange aims to create a secure and compliant environment for its users, promoting transparency, and mitigating the risks associated with financial crimes. Customers are expected to cooperate fully with the exchange in providing accurate and up-to-date information as part of their ongoing commitment to maintaining the integrity of the platform.