In accordance with Australian legislation, Binance Lite has an AML/CTF Policy in place to ensure our service is not used to facilitate money laundering, terrorism financing or any other illegal activities, such as fraud or drug trafficking. The AML/CTF Policy sets out the processes that Binance Lite undertakes to ensure any suspicious transactions or activities are identified and reported to AUSTRAC, the body responsible for regulating AML/CTF legislation.
Binance Lite is registered with AUSTRAC as a digital currency exchange provider. This enables us to facilitate the conversion of fiat currency to digital currency. In order to provide this service to our customers, we are required to conduct customer due diligence by completing a Know Your Customer (KYC) check. We use Australian Government approved verification system providers to verify the identity of our customers using information from 1-2 government issued documents that you supply. Binance Lite is also required to check all customers against Politically Exposed Persons (PEP) lists and other global sanctions lists to mitigate our risk of providing our services to customers who may be in a position to use our service for illegal purposes.