Important information regarding our registration with the Austrian authorities as a "service provider in relation to virtual currencies".Since January 10, 2020, Coinfinity, as a so-called "service provider in relation to virtual currencies", falls under the Financial Market Money Laundering Act ("FM-GwG"), which previously only applied to credit and financial institutions.
As a result, as a broker for cryptocurrencies, we are obliged to apply certain due diligence obligations towards our customers. These mainly concern the identification of our customers ("Know your customer" or "KYC") and measures to prevent money laundering ("Anti money laundering" or "AML").
On this page, we would like to inform you about the changes that will affect you since January 10, 2020.
What will change for me as an existing Coinfinity customer?
When you log in to your account as of January 10, you will find a message in the overview asking you to enter additional information and/or re-identify yourself. You will not be able to continue using our platform until these necessary steps have been successfully completed.
Identification was already necessary in the past to be able to use our platform.
What is now newly regulated is the way in which this identification must be carried out technically. If you have already used our video identification service and identified yourself via a video phone call, this is compliant with the new legal requirements and you do not have to identify yourself again.
If you still sent us your documents via email, we will have to identify you again because the FM-GwG does not provide for identification via sending in documents. To continue using our platform, please identify yourself via our Video-Ident process. This usually takes 5-10 minutes and is of course free of charge. Alternatively, you can identify yourself in person at our office in Graz during business hours.
In any case, we will inform you in your account whether you need to identify yourself again or not.
Obtaining further information
In addition, as of January 10, 2020, we will also need to obtain further information from you. To do so, we will ask you these questions:
- Do you use our service as a private customer or as a corporate customer?
- For what purpose do you use our service?
- What is the origin of your used funds?
- Do you use our service in your own name and on your own account?
- Are you a "politically exposed person" ("PEP")?
If you have any questions, please feel free to contact us by email at firstname.lastname@example.org or by phone at 0316 711 744.