We are excited to announce that Bit2Bill is now enrolled and registered with AUSTRAC to better provide Digital Currency Exchange services.
Why did we need to do this?
As Australia’s financial intelligence agency Set up in 1989, AUSTRAC ensures Australian institutions conform to the required standards around Counter-Terrorism Financing and Know Your Customer rules.
As Bit2Bill is handling payments between Fiat and Cryptocurrency we are required by law to conform to these new policies.
From 3rd April 2018, Businesses providing digital currency exchange (DCE) services in Australia are required to register with AUSTRAC and meet their obligations.
We are embracing these regulations as they build confidence with the general public and investors that the Cryptocurrency industry is Safe and Legal.
What does it mean to our customers?
For new and existing customers, there will be no impact at this stage.
What to expect from Bit2Bill over the coming weeks.
Here at Bit2Bill we will be extending our services to proactively comply with AUSTRAC’s policies and practices.
Over the coming weeks expect some sleek enhancements to our service. These will ensure that we better align ourselves with these new regulations.
Here’s to a successful Crypto 2018 for all!
The Bit2Bill Team