General
The crypto market is subject to a number of rules and regulations, requiring most crypto services to implement AML/KYC procedures and necessitating compliance across diverse services and functionalities contingent upon the user account classification.
At BitcoinVN, we prioritize protecting our clients from scams and fraudulent activities in the crypto world. We strictly comply with all prevailing rules and regulations, including the implementation of KYC/AML procedures, particularly when there is suspected fraudulent intent.
This procedure ensures the legality of transactions before regulatory institutions. By undergoing KYC/AML verification, users affirm their law-abiding status.
Please note that citizens and residents of the following countries are prohibited from using our Service, and improper use may lead to a loss of funds:
- United States
- Iran
- Cuba
- North Korea
BitcoinVN's AML/KYC procedure is supported by an automated risk prevention system. If a transaction is flagged as suspicious by this system, the exchange is paused, and our compliance team will conduct an individual review and risk assessment, which can include a request for identity verification of the client.
The system employs specific criteria, the disclosure of which is restricted to prevent exploitation. This mechanism is efficacious in the identification of money launderers and fraudulent entities, as it expeditiously discerns between bona fide clientele and illicit actors through the KYC process.
Each KYC case is addressed individually. Eligible clients are advised to utilize our official support channels to expedite the due diligence process for their transaction.
Upon successful completion of the due diligence process by BitcoinVN, the exchange is finalized, and funds are sent to the recipient wallet address.
Alternatively, clients who have successfully completed the KYC and Source of Funds (SoF) verification — and whose funds are confirmed as not being related to money laundering or other prohibited activities — may request a full refund of their deposited funds instead of completing the exchange. Such refunds are processed within 5 business days of the client being cleared by the compliance review. The only fee deducted is the applicable blockchain network fee — no exchange fee, refund fee, or other additional charges apply.
BitcoinVN maintains its reputation as a legitimate exchange by selectively applying KYC procedures to certain clients whose transaction profile presents an elevated risk.
Additionally, BitcoinVN screens all incoming transfers for possible AML risks.
BitcoinVN hereby declares its unequivocal opposition to money laundering and illegal activities and pledges to abstain from entering into any agreements with individuals or entities implicated in such illicit undertakings. Clients under suspicion of engaging in illegal activities will be subject to a tailored KYC process, as directed by our support team.
Should a client decline to provide identification or submit false documents, the due diligence procedure is deemed unsuccessful, leading to the refund of deposited funds within a 30 days period.
Subsequently, the client's address(es) may be blacklisted, preventing future exchanges.
Prolonged holding periods of deposited funds might apply in individual cases depending on the risk profile and pending further investigation at the discretion of the BitcoinVN compliance team.
BitcoinVN reserves the right to share received materials with legal authorities upon request.
Verification Process
Account Verification (KYC Tiers)
BitcoinVN offers tiered verification levels based on the services and limits required:
| Tier | Requirements | Processing Time |
|---|---|---|
| Tier 1 — Basic Verification | Government-issued ID (passport, national ID, or driver's license) + selfie holding the ID | Approximately 24 hours |
| Tier 2 — Enhanced Verification | Tier 1 documents + proof of address (utility bill, bank statement, or government letter dated within 3 months) | 1–3 business days |
| Tier 3 — Institutional / High-Volume | Business registration documents, authorized signatory documentation, source of funds declaration | Assessed on a case-by-case basis |
AML Review Process
When a transaction is flagged by our automated risk prevention system, the following stages apply:
| Stage | Description | Timeframe |
|---|---|---|
| 1. Order hold | The transaction is automatically paused and placed under review. The customer is notified. | Immediate (automatic) |
| 2. Document request | Our compliance team contacts the customer with specific verification requirements, which may include identity verification (KYC) and/or a Source of Funds (SoF) declaration, depending on the nature of the flag. | Within 24 hours of the flag |
| 3. Document submission | The customer provides the requested documentation through our official support channels. | At the customer's discretion |
| 4. Compliance review | Our compliance team reviews the submitted documents and conducts an individual risk assessment. | Up to 10 business days after all requested documents are received |
| 5. Resolution |
Cleared: The exchange is completed at the current market rate, or, at the customer's choice, a full refund is processed within 5 business days. Only the applicable blockchain network fee is deducted — no exchange fee, refund fee, or other additional charges apply. Declined: If the customer declines to provide identification or submits false documents, funds are refunded within 30 days. The customer's address(es) may be blacklisted. |
See description |
VND deposits
BitcoinVN requires its users to provide additional personal information if they wish to increase their limits for VND deposits via bank transfer.
Users must not use the bank account of third parties to make bank transfer deposits at BitcoinVN.
Users who are suspected of doing this might be asked to verify their identity before their orders can be processed or be subjected to our refund process.
During this refund process, BitcoinVN will make sure that the funds are safely returned to the originating bank account.
Limit violations
In the event of a user attempting to deposit or withdraw more than his current verification level allows them to do, we will require the user to complete the next verification level before processing the order, if applicable.
One person, one account
Due to the nature of those requirements, we can only allow our customers to have one user account each. Automated systems are in place to enforce this policy.
Customers with multiple accounts will be required to pick one account they wish to keep, as we will deactivate the other accounts. Any balance will be transferred to the remaining account. Pending orders will be put on hold or canceled.
If the customer fails to pick an account within 14 days of being asked to do so, all of their accounts will be deactivated.