Risk Disclosure & Disclaimer
This Risk Disclosure and Disclaimer should be read in conjunction with BeBit’s Terms of Service. In short, we want you to understand the important risks and compliance issues associated with trading on our platform.
1. Purpose
To maintain a robust and compliant digital asset trading platform, we have established and implemented a series of anti-money laundering, counter-terrorist financing, and trade and economic sanctions programs (the “AML/CFT/Sanctions Programs” or the “Programs”). We are committed to promoting legal and transparent business practices and maintaining a positive reputation with users, regulators, and the digital asset industry.
2. Business Model
We are a global digital asset trading platform, or marketplace, where traders act as buyers and sellers, often referred to as market makers and market takers. For clarity, buyers and sellers transact with each other, and BeBit does not participate in the actual transactions. Users may access the services provided by BeBit by visiting bebit-vip.com, its related application program interface, or mobile application (website).
Disclosure: Trading involves risk. The risk of loss from trading or holding digital assets can be substantial. Therefore, you should carefully consider whether trading is appropriate based on your financial circumstances.
3. Regulatory Environment
We understand that regulators have adopted various approaches to regulating and adhering to digital assets, including defining or classifying them as convertible virtual currencies (FinCEN in the United States) or virtual commodities (in Hong Kong). As a trading platform, we believe that all digital assets offered on the BeBit platform belong to an innovative alternative asset class and, therefore, should not be referred to as money or currency.
Disclosure: Digital assets are not money or legal tender. Digital assets such as Bitcoin and Litecoin are not backed by any government or central bank. We may have varying opinions on the regulatory approaches taken by various government agencies at different times; however, we will always fully comply with the regulations of the countries in which we operate. We also regularly discuss the best practices for regulating digital asset businesses with regulators and industry peers. Furthermore, BeBit does not accept certain clients. To maintain our strong market reputation and ensure a strong compliance market, we have decided not to serve clients from mainland China, Hong Kong (subject to local regulations), Cuba, Iran, North Korea, Crimea, Syria, Malaysia, Bangladesh, Bolivia, and Malta. We cooperate with government authorities and comply with applicable regulations. As a good corporate citizen, law enforcement agencies may request information from us, and we will assist law enforcement investigations where permitted by law to track and prevent illegal activity. This means our platform is only for law-abiding customers. While we want to serve you, we also expect you to act legally and legally on our platform.
4. Our Anti-Money Laundering/Counter-Terrorist Financing Program
We have designed our anti-money laundering and counter-terrorist financing program through a multi-tiered, risk-based control system to adequately prevent money laundering and terrorist financing.
The first tier of this program includes a rigorous user identification process, including verifying the identity of both individual and corporate users. In addition to obtaining identification documents, we also obtain information on the beneficial owners/natural persons of non-natural person users, in compliance with international standards, such as those of the Financial Action Task Force (FATF).
The second tier includes risk-based system controls to ensure additional customer due diligence is performed. To achieve this, we screen users (including beneficial owners) against lists of entities/individuals published in the Hong Kong SAR Government Gazette, the U.S. Office of Foreign Assets Control (OFAC) Sanctions List, the United Nations Security Council Sanctions List, and other sanctions lists. We may also screen against other lists at our discretion to protect our reputation and our customers.
The third layer involves ongoing monitoring for suspicious activity. If we suspect or have reason to suspect suspicious transaction activity, we will file a suspicious transaction activity report with local regulators, as appropriate. Suspicious transactions are typically inconsistent with a customer’s known legitimate business or personal routine transactions.
The above are the main components of our compliance program. However, the most important link in this multi-layered risk control system is our leadership team and employees, including our AML/risk control personnel, who implement training, oversight, and foster a strong compliance culture.
5. Risks
Digital asset trading is considered high-risk. Digital assets are not backed by any government or central bank. The risks of trading or holding digital assets can be substantial. You should carefully consider whether interacting with, holding, or trading digital assets is appropriate for you based on your financial circumstances. 6. Contact Information
If you have questions about our customer due diligence controls or need assistance, please feel free to contact our 24/7 customer service representatives by phone, online chat, or email.
For any law enforcement requests, please email support@bebit-vip.com.
7. Versions
This “Risk Disclosure & Disclaimer” may be published in different languages. In the event of any discrepancies, the English version shall prevail.
