Legal and Privacy

Oobit AML Policy

It is recorded that some jurisdictions have strict laws on money laundering that may impose an obligation upon us to report you to the federal or local authorities within such jurisdictions if we know, suspect or have reason to suspect that any of your transactions, amongst other things, involve funds derived from illegal activities or are intended to conceal funds derived from illegal activities or involve the use of the Website to facilitate criminal activity.

If we have knowledge or suspicion envisaged in the above we may:

  • - immediately suspend, deregister or terminate your Account at the Website; and/or
  • - at our sole discretion, not refund to you any funds held in such Account; and/or
  • - furnish any relevant information about you to an intra-group database recording such mischief. You hereby irrevocably authorize us to do so in our absolute discretion.

We reserve the right to report you to the aforementioned federal or local authorities should we, in our absolute discretion; determine that we are obliged, by law, to do so.

In order to assist in the prevention of money laundering we shall use any means available to us, including without limitations, the following:

  • - Ask all users to fill their identification details when opening an Account and to supply us with all information needed in order to comply with applicable AML-KYC related regulation;
  • - Keep in possession a secure list of all registered users and their identification and transactional documentation.
  • - Prevent underage (in accordance with the applicable law in the relevant territory) users from using our services.
  • - Not accept anonymous Accounts or Accounts in fictitious names such that the true beneficial owner is not known.
  • - Not accept cash from users. Funds may be received from users only by credit/debit cards and/or by any other payment solution provider(s) integrated into the platform.
  • - Funds will not be distributed before a strict check for compatibility between the name of the Account and the credit card holder's name and any other means of identification that we may implement at our sole discretion.
  • - Funds transfer between Accounts is completely forbidden.
  • - Check the background and other characteristics of any complex or large transactions and any transactions which are particularly likely to be related to money laundering or the funding of terrorism.
  • - Cooperate with all relevant administrative, enforcement and judicial authorities in their endeavors to prevent and detect any criminal activity.
  • - If a user is caught providing false information, Oobit have the right to (and may) immediately cancel that person's registration as a user with Oobit.

Oobit Anti-Fraud Policy

Oobit has a strict anti-fraud policy and utilizes various anti-fraud tools and techniques. If the user is suspected of fraudulent actions including, but not limited to:

  • - participating in any type of collusion with other users;
  • - fraudulent, collusive, fixing or other unlawful activity;
  • - fraudulent actions against other websites or payment providers;
  • - chargeback transactions with a credit card or denial of some payments made;
  • - creating two or more accounts;
  • - other types of cheating;

Oobit reserves the right to terminate such user Account and suspend all funds to the user. This decision is at the sole discretion of Oobit and the user will not be notified or informed about the reasons of such actions. Oobit also reserves the right to inform applicable regulatory bodies of the fraudulent actions performed by the user.

The Oobit's website is not a financial institution and thus should not be treated as such. Your account will not bear any interests and no conversion or exchange services (including fiat-crypto exchange) will be offered at any time.

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