Why can Bitsa block or suspend an account?

As a regulated financial entity, Bitsa applies temporary account suspension or blocking to comply with security regulations (prevention of money laundering). The main reasons are:

• Verification Issues (KYC): Use of false, erroneous, or third-party identity documents.
• Suspicious Activity: Possible breaches of anti-money laundering or terrorism financing laws.
• Lack of Cooperation: Failure to provide additional information or documentation requested by the compliance department.

Note: In most cases, the suspension is temporary and is resolved if the customer cooperates.

What happens if the requested information is not provided or if there is a lack of cooperation?

Bitsa is legally obligated to act based on EU directives against money laundering (AML). Failure to respond or refusal to provide the requested information is considered a lack of cooperation, which can lead to the permanent blocking of the Bitsa account.