Legal Matters

Last revised: 01 July 2025

Restricted Jurisdictions

As a centralized crypto exchange, Fastex operates within the legal framework established by the applicable laws and regulations of its jurisdictions. However, due to legal and regulatory constraints, Fastex may restrict or prohibit access to its services for residents of certain jurisdictions.

Restricted and high-risk jurisdictions may include, but are not limited to:

Afghanistan
China
Democratic People’s Republic of Korea (North Korea)
Iran
Myanmar
United States of America (USA)

Fastex continuously monitors and updates the list of restricted jurisdictions to ensure compliance with evolving regulatory requirements. Users are responsible for understanding and adhering to the legal restrictions applicable in their respective jurisdictions before accessing Fastex services.

Know Your Customer (KYC) Procedure

The Know Your Customer (KYC) procedure establishes Fastex’s framework for identity verification and customer due diligence (CDD) to ensure compliance with anti-money laundering (AML), counter-terrorism financing (CTF) laws, and fraud prevention measures.

This procedure applies to all users of Fastex and is designed to mitigate risks associated with illicit activities, including money laundering, terrorist financing, and financial fraud.

1. Customer Identification Program (CIP)

Fastex maintains a robust Customer Identification Program (CIP) to verify customer identities before granting access to the platform.

Customers must provide personal information, including but not limited to full name, date of birth, residential address, and contact details.
Fastex employs a risk-based approach to determine the necessary verification level based on transaction volume, account activity, and jurisdictional risk.

2. Document Verification

Users must submit valid government-issued identification, such as passports, driver’s licenses, or national ID cards.
Fastex verifies the authenticity of submitted documents using automated verification systems, third-party verification services, or manual reviews.
If discrepancies or doubts arise regarding the authenticity of provided documents, additional supporting documentation may be requested.

3. Address Verification

Users must submit proof of residential address, which may include utility bills, bank statements, or official government correspondence.
Fastex verifies the submitted address through trusted sources, such as credit reference agencies and public databases.

4. Enhanced Due Diligence (EDD)

Fastex applies Enhanced Due Diligence (EDD) to high-risk customers, including:

Politically Exposed Persons (PEPs)
Large transaction account holders
Users from high-risk jurisdictions

5. Ongoing Monitoring

Fastex implements continuous transaction monitoring to identify and report suspicious activities.

Customer transactions and account activities are regularly reviewed to detect potential risks.
Suspicious transactions, as defined by AML and CTF regulations, are promptly reported to relevant authorities.

6. Data Privacy and Security

Fastex employs strict data protection measures to safeguard customer information.
Access to sensitive data is restricted to authorized personnel only.
Customer data is encrypted, stored securely, and retained in compliance with applicable data protection laws.

7. Record-Keeping Requirements

Fastex maintains accurate and complete records of customer identification and transactions.
Records are securely stored and remain accessible for regulatory audits as required by law.

8. Training and Compliance

Fastex conducts regular training for employees on KYC, AML, and CTF compliance.
The exchange periodically audits compliance to ensure adherence to legal and procedural standards.