BITUP.COM (hereinafter referred to as “we” or “us”) has established and implemented the anti-money laundering and antiterrorism financing and trading and economic sanction scheme according to the applicable laws and international practice. BITUP.COM is dedicated to boosting a legal, safe and transparent commercial platform and keeping a good reputation among users, regulatory institutions and the digital asset industry.
II. [Business model]
We, as a digital asset management platform set up in Singapore, provide the professional digital asset combinations and adopt the scientific and effective digital asset configuration manner, so as to help investors from each level access the digital asset field, properly manage their various digital assets, allocate investment risks accompanying single digital assets and increase overall benefit of digital assets. Users buy or sell out digital asset combinations (hereinafter referred to as “DAC”) on our platform.
Tips: Transactional risks
Trading and holding digital assets and digital asset combinations are accompanied by high risks. Therefore, you are required to carefully consider whether you are suitable for trading based on your actual economic situation.
III. [Current regulatory situation]
We have understood that the regulatory authority has taken multiple measures for regulating and standardizing digital assets, such as defining or classifying digital assets as virtual currency, cryptocurrency or digital currency according certain practical business contents. As a trading platform or trading market, we consider Bitcoin, Ethereum (and other token money) as a kind of emerging innovative assets. Therefore, digital assets shall not be called as money or currency.
Tips: Digital assets are not money or legal tender
BITUP.COM does not believe digital assets as money or legal tender. Bitcoin, Ethereum and other digital assets are not backed up or supported by any government or central bank.
However, considering our service object is users who want to invest in DAC relying on digital assets, we are dedicated to making the perfect anti-money laundering and antiterrorism financing and sanction scheme. We are committed to completely observing rules, regulations and regulatory policies of every country, and regularly discussing with regulatory institutions and peers to find out the optimal method for conducting the digital asset business. Singapore is committed to establishing a safe and compliant digital asset trading platform industry and meanwhile, BITUP.COM will obey contents and spirit of such regulatory guidelines, including taking measures for Know Your Customer, monitoring suspicious activities, reporting suspicious transactions and cooperating with the relevant local department who requires check of trading information. We will not undertake any responsibility for actions taken in order to execute the relevant regulatory guidelines of Singapore and the resulted consequences.
Statement: We cooperate with government departments
We respect regulatory provisions and strictly obey those applicable provisions. It also means our platform is only open to law-abiding users. We hope to provide service for you and we also hope you could conduct legal business pursuant to laws on our platform.
Considering the law-enforcing department may require us to provide information, as a good enterprise citizen, we will provide assistance to the law-enforcing department as specified by laws and regulatory policies. We are not liable for consequences resulted in by providing information or assistance required by the law-enforcing department.
In addition, in order to boost sound operation, we will check users (including owners of actual incomes) through comparison with institutions/personnel published on the “Sanction List of the United Nations Security Council” and with the list concerning organizations and personnel that Singapore Government requires to note and who are suspected being involved in terrorist activities. In addition, we will also check them through comparison with other lists, in order to identify those who are not consistent with user qualification to protect our reputation and users.
Statement: We are entitled to reject some users
Because BITUP.COM is an enterprise founded in Singapore, we follow the local laws and the relevant foreign laws (if applicable). At present, several countries have forbidden activities involving digital assets, and we strictly follow the local laws and regulations, as well as regulatory requirements within the judicial scope of each country. In order to maintain our good reputation at the market and comply with the distinct regulatory requirements of several jurisdictions, we are entitled to determine to serve or not to serve users coming from part of countries or areas according to our independent judgment, for which, we will be entitled not to provide additional explanation or undertake any liability.
IV. [Our anti-money laundering and antiterrorism financing scheme]
We have designed our anti-money laundering and antiterrorism financing scheme with the purpose of reasonably preventing money laundering and terrorism financing relying on the risk-based multi-level control system. The first level of this scheme involves the strict user identity identification procedures, including verifying identity of an individual or a user. The second level contains the risk-based system control so as to ensure that the additional customer due diligence could be conducted. The third level contains continuously monitoring suspicious activities. These are the major components of our compliance plan. However, the most important link of these activities contained by this multi-level risk control system is our leading team and employees, including anti-money laundering/risk control personnel who are responsible for providing training and supervising and creating the good compliance culture. If you have any doubt for our customer due diligence control or need our help, please contact our 7x 24 customer service representative at any time by sending e-mails to firstname.lastname@example.org.