BTC Markets are proud to be the first fully certified digital currency exchange in Australia with the Australian Digital Commerce Association (ADCA).
What is the ADCA Code of Conduct?
ADCA developed the Australian Digital Currency Industry Code of Conduct as a tool to help Australian consumers identify digital currency businesses that have best-practice standards in place.
How does ADCA Certification relate to BTC Markets?
Obtaining certification by ADCA confirms that BTC Markets has passed an audit by an independent third party, meaning all parts of the code of conduct are externally verified as complete. Maintaining our certification requires us to self-certify each year and be audited bi-annually.
ADCA Certified Digital Currency Businesses must act with integrity, transparency, respect and in an ethical manner with its customers, employees, members of the public, government regulators and agencies and other members of the Digital Currency Industry.
BTC Markets was granted gold certification by the ADCA committee on the 16th of February 2018.
BTC Markets must adopt a high level of consumer protection and comply with what has been set out by the code.
In summary BTC Markets must:
- apply data security systems and processes to protect customer data including any IP addresses, wallet addresses, digital currency identifiers or credit card information
- build and maintain a secure network
- protect customer data, including securely storing the customer data and encrypting any transmission of data across open, public networks
- maintain a vulnerability management program
- implement strong access control measures
- regularly monitor and test networks
- maintain an information security policy
- maintain membership of an External Dispute Resolution Scheme to facilitate fair resolution of customer complaints and disputes (see https://btcmarkets.net/suggestions-complaints)
- clearly describe their pricing and fee structures on their websites (see https://btcmarkets.net/fees )
- clearly describe their complaints handling process and contact details on their websites (see https://btcmarkets.net/suggestions-complaints)
BTC Markets must adopt, maintain and comply with an AML/CTF program consistent with the requirements of the Sanctions Law, and AML/CTF Law so far as applicable.
In summary BTC Markets must have:
- a customer risk assessment framework
- employee due diligence processes
- employee risk awareness training
- a financial sanctions list
- oversight by board and senior management
- appointment of an AML/CTF compliance officer
- regular independent reviews
- AUSTRAC reporting in place
- a way to collect and verify customer and beneficial owner information (see https://www.vixverify.com)
- ongoing customer due diligence procedures
- ongoing monitoring of existing customers
- transaction monitoring program
- enhanced customer due diligence program
Reputation and General Conduct
BTC Markets must conduct itself with integrity, competence, diligence and respect.
In summary BTC Markets must:
- comply with or observe Australian laws including the Corporations Law, Privacy Law (even if only on an opt-in basis), Sanctions Law and AML/CTF Law, and equivalent laws in jurisdictions outside Australia if they operate a Digital Currency Business in those jurisdictions.
- maintain an employee screening program
- conduct an annual ASIC register search, bankruptcy and National Police Clearance Certificate on all Directors, Company Officers and Substantial Shareholders or Controllers to ensure that they are fit and proper persons to operate a Digital Currency Business.
- maintain a risk-based level of professional indemnity insurance cover for not less than $1 million and such other insurances as are appropriate.
- must maintain accurate and complete records of all transactions. Records must be kept up to date and secure for a minimum of 7 years.
If you have any questions regarding the above information please feel free to contact us.