Why can Bitsa block or suspend an account?

As a regulated financial institution, Bitsa must comply with strict security regulations to protect its users. Therefore, the blocking or suspension of an account is a temporary procedure applied in compliance with the law for the following main reasons:

• Identity verification issues (KYC): Use of false, incorrect, or another person's identity documents.

• Suspicious activity: Possible violations of anti-money laundering or terrorist financing laws.

• Lack of cooperation: Failure to provide the additional information or documentation requested by the compliance department.

In most cases, the suspension is temporary and is resolved within a few days if the customer cooperates. However, in more complex situations or if the user refuses to cooperate, the process may take longer or result in a permanent block of the account.

What happens if you do not provide the requested information or do not cooperate?

As a financial institution and as mentioned above, Bitsa is legally obliged to act on the basis of the European Union directives against money laundering and terrorist financing. Therefore, we must ensure at all times that our products and services are not used to carry out fraudulent activities, integrate illegal funds into the financial system as well as finance acts of terrorism.

Failure to obtain any response from the user or refusal to provide the requested information will be considered an act of non-cooperation that may result in the blocking of the Bitsa account.