Welcome to Toobit, a global digital asset trading platform operated by Hopeful Technology Co. Ltd. (hereinafter referred to as "Toobit" or "we"). As part of our commitment to ensuring a secure and compliant trading environment, we present this Risk and Compliance Disclosure to help you understand the essential risks and compliance matters associated with trading on our platform.
At Toobit, we have implemented a comprehensive Anti-Money Laundering, Anti-Terrorist Financing, and Trade & Economic Sanctions Program (AML/ATF/Sanctions Program). This program is designed to promote legal and transparent business activities while upholding our reputation among customers, regulators, and the digital asset industry.
Toobit has officially obtained the financial license supervised and issued by Money Services Business (MSB) in the United States, which enables it to carry out legal and compliant crypto asset financial transaction business across all 50 states of the United States, providing convenience for global users again. MSB Registration Number: 31000234013623.
What We Do:
Toobit functions as a marketplace where buyers and sellers (market-makers and market-takers) interact with each other to trade digital assets. It's important to note that Toobit does not act as a direct counterparty to any trade. Instead, our services are accessible through Toobit.com, associated application program interfaces, mobile applications, and through Hopeful Technology Co. Ltd. (incorporated in Cayman Island).
Trading in digital assets comes with inherent risks, and the possibility of substantial financial loss should not be overlooked. We urge you to carefully assess whether digital asset trading aligns with your financial situation before engaging in any transactions.
The regulatory landscape surrounding digital assets varies across different jurisdictions. While some authorities may categorize digital assets as convertible virtual currency or virtual commodity, at Toobit, we believe they represent an innovative alternative asset class rather than currency or money.
Disclosure: Digital assets are not backed by any government or central bank. To ensure a robust and compliant marketplace, Toobit has decided not to accept customers from specific jurisdictions, including Cuba, Iran, North Korea, Crimea, Malaysia, Singapore, Syria, the United States of America (including all U.S.A. territories), the Bahamas, Bolivia, Donetsk, Luhansk, and Malta.
As responsible corporate citizens, we prioritize compliance with regulations and cooperate with governmental authorities. We may provide information to law enforcement authorities to assist in investigations against illicit activities. Our platform is intended for law-abiding customers, and we expect all users to act ethically and within the bounds of the law while using our services.
Our AML/ATF Program:
Toobit has developed a robust AML/ATF Program to prevent money laundering and terrorist financing through a multi-layered control system.
First, we employ a stringent customer identification process that includes verifying the identity of individual and entity customers. For non-natural persons, we also identify their beneficial owners/natural persons, aligning with international standards like the Financial Action Task Force (FATF).
Secondly, we implement a risk-based system for additional customer due diligence, including screenings against government-provided lists of sanctioned individuals and entities, as well as discretionary screenings to safeguard our reputation and customers.
Thirdly, we conduct ongoing monitoring for suspicious activity and report any detected or suspected instances to local regulators, as required.
The Core of Our Compliance:
The success of our compliance program lies in the dedication of our leadership team, staff, and AML/Risk personnel. Their commitment ensures effective training, oversight, and a strong compliance culture within Toobit.
Understanding the Risks:
Please be aware that trading digital assets involves inherent risks, as they are not supported by any government or central bank. Before participating in any digital asset-related activities, take the time to carefully assess your financial situation.
If you have any questions or require assistance with our customer due diligence controls, our 24/7 customer service representatives are available to assist you through chat or email at the Support Center.
Law Enforcement Requests:
For law enforcement requests, please use the following email address: legal@Toobit.com.
By choosing Toobit as your digital asset trading platform, you acknowledge that you have read, understood, and accepted the risks and compliance matters outlined in this disclosure, along with our Terms of Service.