Why do I need to verify my bank account?

Fasset is committed to maintaining the highest standards of Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorism Financing (CTF) compliance to prevent the abuse of Fasset's products and services for money laundering or terrorist financing purposes.

We are committed to adhering to regulations in order to provide the best service to all our users. Cryptocurrencies are a relatively new asset class and regulations are still developing across jurisdictions. Adhering to the highest regulatory standards enforces confidence in both the regulators as well as users in the potential of cryptocurrency and its underlying technology.

Bank Account Verification

Verifying your bank account ensures adherence to KYC, AML, and CTF laws. Additionally, this ensures that your account security is maintained. The process of bank verification whitelists your bank account on Fasset. This means that only your bank account would be able to interact with Fasset exchange, and no one else. This is particularly important when you're executing local currency withdrawals; verifying your bank guarantees that only the bank account linked to you gets the money.