Compliance at TenX: How does it affect you?

Released on

Jan 9, 2020

Author(s)

Sarah Goh

The Notorious B.I.G. proclaims Mo Money Mo Problems, and we are right in the business of money: our mission is to transition the world from old money to Programmable Money by providing global banking services built on top of crypto.

Because we are dealing with your money, naturally, we are required to abide by the laws and regulations governing our industry. At TenX we are extremely serious about adhering to these so as to safeguard your money and protect you from falling prey to financial crimes.

At the heart of this great responsibility is our compliance team, whose main responsibility is screening all financial activities to prevent financial crime and protect our users.

This article explains why we occasionally temporarily freeze user accounts and how these cases get resolved.

Why accounts might be temporarily frozen ❄️

Through our daily screening of all financial activities, there are the occasional suspicious transactions that get flagged to the compliance team.

In some extreme instances, a user account may need to be temporarily frozen until our compliance team completes their standard verification. During this time, all funds continue to be safely stored in the user wallet.

Note that a temporarily frozen account does not always mean that a financial crime has occurred and in many instances, customers can have their accounts frozen due to the transactions resembling patterns of suspicious activity.

Resolving compliance cases 🕵️

Clear-cut cases typically get resolved quickly. What usually happens is the TenX compliance team will reach out via email personally (if you’re unsure about the legitimacy of any emails from TenX, please contact our support team) to request more information about the transaction. A quick conversation later, the user’s account gets reinstated.

While this is an inconvenience, this practice sometimes helps our customers to be aware of fraudulent businesses and scams – especially those online, such as cloud mining.

Over time and with more data, we are confident of being more accurate in flagging suspicious financial activities from bad actors so as to not inconvenience our customers.

What to do if your account gets temporarily frozen 🤝

Is your account temporarily frozen? We want to work with you to reinstate your account as quickly and painlessly as possible – this is our ideal outcome, always.

Providing the requested information (such as a receipt, invoice, or screenshot) will help our compliance team conclude their investigations more efficiently.

Remember that we want to keep you safe, not away from our business.