Collection, Verification and Recordation of Identifying Information
CIP Notice Pursuant to Section 326 of the USA PATRIOT Act and 31 U.S.C. § 5318 (l): To comply with U.S. AML/CFT legal requirements, and to assist in the fight against the funding of terrorism and money laundering, BAM Trading Services Inc. (hereinafter, “BAM”), doing business as Binance US, will obtain, verify, and record information that identifies each customer and counterparty attempting to establish an account with us, whether the customer or counterparty is an individual person or legal entity. We may also ask to see your valid, unexpired government photo identification as well as other identifying documents for both individuals and entities prior to opening an account.
Compliance with Sanctions Programs
BAM maintains a robust program to comply with all sanctions imposed, administered or enforced by (a) the Office of Foreign Assets Control of the U.S. Department of the Treasury or by the U.S. Department of State, (b) Her Majesty’s Treasury of the United Kingdom, (c) the European Union, and (d) United Nations Security Council.
As such, BAM will not establish a direct or indirect relationship with any person or entity that is the target of any such sanctions, or does business, is located, is organized, or is resident in a country or territory that is, or whose government currently is, the target of countrywide sanctions imposed by any U.S. government sanctions authority. BAM may also refuse to establish a direct or indirect relationship with any person or entity for perceived sanctions risks, even if such person or entity is not currently subject to any sanctions. Regardless of sanctions-related status and as a matter of commercial prudence, BAM will not trade with any person or entity that does business, is located, is organized, or is resident in Belarus, Burundi, Central African Republic, Cuba, D.R. Congo, Iran, Iraq, Libya, North Korea, Russia, Somalia, Syria, South Sudan, Venezuela, Yemen, Zimbabwe.
BAM will monitor accounts to guard against their indirect use by said persons or entities. If BAM determines a customer or counterparty is in violation of our sanctions compliance program, we will take all appropriate mitigation steps, including immediate termination of the account(s), blocking of all assets in question, preserving of all identity and trading records, and reporting to the appropriate authority.
BAM is not an “exchange” regulated by U.S. Securities and Exchange Commission. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of virtual currency. Transactions in virtual currency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. Some virtual currency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transaction. The value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency, which may result in the potential for permanent and total loss of value of a particular virtual currency should the market for that virtual currency disappear. There is no assurance that a person who accepts a virtual currency as payment today will continue to do so in the future. The volatility and unpredictability of the price of virtual currency relative to fiat currency may result in significant loss over a short period of time. The nature of virtual currency may lead to an increased risk of fraud or cyber-attack. The nature of virtual currency means that any technological difficulties experienced by BAM may prevent the access or use of a customer’s virtual currency. Any bond or trust account maintained by BAM or any of its subsidiaries or affiliates for the benefit of its customers may not be sufficient to cover all losses incurred by customers.
[Last revised: September 18, 2019]