Gatecoin is licensed as a Money Service Operator (MSO), which means that our foreign exchange activities are regulated by the Customs and Excise Department of the Hong Kong SAR. Therefore we are required to comply with comprehensive anti-money laundering (AML) and counter terrorist financing (CTF) guidelines.
This involves conducting thorough know-your-customer (KYC) due diligence on all of our registered clients to ensure that they do not have any existing criminal history or records of suspicious activity related to money laundering or terrorism.
To comply with our AML and CTF procedures, prospective clients of our platform must first submit documents proving their identity and current address, in addition to completing a source of funds questionnaire. Our compliance team will also run a background check on every user to confirm that they do not have any existing criminal liabilities.
Once the user's identity, address and background have been confirmed by our compliance team, the individual will become a verified (Tier 1) client of Gatecoin. Verified clients are permitted to credit and withdraw fiat currency funds up to USD 50,000 (equivalent) from the date that their account has been created.
Clients wishing to surpass these limits must first upgrade their account to certified (Tier 2) status.
Individuals wishing to trade on behalf of their company must apply to upgrade to a corporate account.
We have also built tools to monitor the trading and transfer activities of all our active clients to detect any possible cases of money laundering or criminal behaviour that can be flagged to the relevant law enforcement agencies.