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How to design a lawful and legitimate bitcoin exchange business platform using AML software

How to design a lawful and legitimate bitcoin exchange business platform using AML software

Are you looking to start a bitcoin exchange business, make sure your business is lawfull, else you may get banned from the entire industry! Isn't shocking to you ? Continue reading this article, to understand how to run a legal bitcoin exchange business?
 

Don't be an bad example to the bitcoin industry as you look down here!

Example #1 In the very recent time a cryptocurrency exchange called Quoine, head quartered in tokyo sued by a cryptocurrency market maker B2C2. Reportedly the exchange is sued for reversing 3085 bitcoins to ethereum.

Example #2 The U.S department of justice announced about the indicment of a russian alexander vinnik and the organization which he illegally operated namely Btc-e . The exchange has been fined with $110 million for violating the U.S AML Regualtions. And the incharge of the exchange has been arrested.

The above two incidents are the best examples for bad bitcoin business startups, so instead of thinking about the profit, you must have a confident about, the legality of your business. Sure it will lead you in a success path.
 

"That's why Bitdeal is integrating AML Technology
​with it's bitcoin exchange software"

 

Why anti - money laundering law is so important to a bitcoin exchange business ?

 

"History says, that the guideliness for Antimoney laundering were introduced in the middle of september 2011,due to the attack of US world trade center ."

The subsequent enactment of US PATRIOCT Act and the establishment of FInancial Action Task Force on Monely laundering (FATF) are the main reason for AML to be anounced.


Simply saying AML is refers to anti money laundering law which involves a set of procedures , and rules which is implemented for stopping the illegal money laundering activities. Still the many financial systems especially banking sectors are using KYC norms, inorder to prevent money laundering activities. Because KYC is the starting point for stopping those criminal elements. (Understand what is money laundering)

Nowadays bitcoin systems are started to replace the need of banking systems in many criteira, So just lilke the banking sector, bitcoin networks also have to integrate AML law inorder to prevent illegal activities.
 

How can you get benefit through integrating AML software with a bitcoin exchange platform?

1. Sure you can lead a legal bitcoin exchange platform.
2. Integrating AML technology can help you to easily get approved by govt.
3. Can prevent your business from banning
4. You can provide complete support for the legal growth of bitcoin industry
5. Profit from the bsuienss can be countless.
 

Bitdeal provides AML Integration with bitcoin exchange software to lead a promising bitcoin exchange business?

It is must for bitcoin exchanges to obey AML guidelines in order to lead it in a proper way, bitdeal provides AML Software for the business people who already own their bitcoin exchange website. So that they can integrate it with their exchange platform. Also bitdeal provides bitcoin exchange software integrated with AML technolgy, using that entrepreneurs can kick start their own and white label bitcoin exchange website,

There are four types of softwares which addresses AML business requirements:

1. TMS - Transaction monitoring systems which focus on identifying suspecious transactions

2. CTR - Currenccy transactions reporting system which deals with large money transactions ( i.e more than 10,000$ )

3. CIM - Customer idenfication Management system which focus on various negative lists and represents the initial and ongoing part of KYC

4. Compliance software which helps for firms to comply for any AML requirements.

Bitdeal is providing AML software as an addon which is integrated with all the above business models.
Kick start your legal bitcoin exchange business ! and make a big bang in bitcoin industry!