You may have recently received a message from us asking you to provide additional information. But when and why do we ask for this
When do we request additional information?
If you trade frequently or invest larger amounts in BLOX, you might receive a message in the app asking for additional information. We ask for this because we are legally required to implement a Know Your Customer (KYC) policy.
Why do we ask for this information?
BLOX is registered as a crypto platform with De Nederlandsche Bank (DNB). This ensures that your investments are secure. However, this registration also comes with obligations, including the need to collect more information about our users. We are legally required to request this information.
The DNB has established rules for crypto platforms like BLOX, which are aimed, among other things, at preventing money laundering. To comply with these rules, we need to know the source of your investments.
We understand that this may be an extra step, but due to current regulations, we are required to ask for this information. If you want to continue using BLOX without limitations, we kindly ask you to provide the requested details.
What information do I need to provide?
Depending on the situation, we may ask you to fill out a questionnaire, provide proof of address, or submit documentation regarding the source of your investments or the crypto you have deposited.
What happens to my information?
Once you’ve submitted the requested documents, our team will review them. We will either approve your documents or ask for additional information. In both cases, you will receive an email from us, so you know what to expect.
Your data is handled with the utmost care and stored securely using encryption to protect your privacy.
What happens if I don't respond (on time)?
If we don’t receive a response, we will have to gradually restrict your account. First, the deposit function will be blocked, meaning you won’t be able to make new deposits. At this stage, any deposited crypto will not be credited.
If we still don’t receive a response, the purchase function in your account will be disabled, so you won’t be able to make purchases with your current euro balance. However, you can always sell your crypto to avoid exchange rate risks and transfer your existing euro balance to your bank account.
Do you have any questions about the additional investigation? Feel free to contact our Compliance department at compliance@weareblox.com