Bitcoiners in the United Kingdom have now a new exchange where they can easily buy and sell Bitcoin. CryptoMate is a new exchange platform that provides a fast, secure and easy way to deal with bitcoin in England. CryptoMate is using traditional bank accounts within the UK. However, the exchange is planning to have a big update in the works that will allow them to work with several other foreigner financial institutions to be able to accept customers from all around the world.
Trying to comply with regulations
The exchange works much like any other exchange and customers who have not verified their identity are limited to a total of £250 in purchases. Once this amount is reached, customers will be required to prove their identity before they can make further orders. This can be a clear picture or scan of a personal driver license or passport. The bank account that customers provide must correspond to the name provided on their identification or their account can be frozen or even closed. Customers who have their identity verified are given a £1,000 daily purchase limit.
The exchange has implemented all this compliance features just to follow with AML & KYC regulations within the UK, as an attempt to protect against any kind of identity theft or fraud by having full right to report to the appropriate authorities.
Fast, easy and secure service
CryptoMate aims to deliver a fast and reliable service for British customers. The startup delivers the customer’s funds within one hour of the order being placed and payment being confirmed. Thanks to Faster Payments, customers will be able to buy or sell Bitcoin in no time using just an online banking account to make the purchase.
CryptoMate does not store any payment or customer personal information on its servers. Customers make their payments through their online banking service, not through a 3rd party processor.
The new British exchange service couldn’t be easier to use. The only thing required from the customer to use the exchange service is access to have online banking within the UK.
Currently, the British startup is looking to attract investors and is seeking one seed investment of about £100.000 to help taking the exchange to a new level. For more information, you can visit CryptoMate.