Improving our trading platform

Dear Customers,

In the past few months our customer base has increased dramatically showing unprecedented growth and community interest in blockchain technology. This rapid growth has presented operational challenges for all exchanges, including BTC Markets. We anticipate this trend will continue, so we are working hard to meet the demand and improve the customer experience on the BTC Markets platform. We remind our customers to take caution when trading in highly volatile markets and that unanticipated events can have major market effects. Please trade responsibly and understand the risks involved.

ADCA – Code of Conduct

ADCA developed the Australian Digital Currency Industry Code of Conduct as a tool to help Australian consumers identify digital currency businesses that have best-practice standards in place. Digital currency businesses that are certified by ADCA must prove to independent auditors that they meet the rigorous standards set by the Code. An external auditor confirms that each item in a checklist of code compliance obligations has been satisfied. We have completed an external audit and are currently in the process of finishing off the final recommendations of the audit. Our compliance team has been working very hard to meet the obligations of the code of conduct and we hope to be fully certified Jan/Feb 2018.

Support Team

Increased interest for trading blockchain assets with BTC Markets has led to heightened stress on our support team and infrastructure. Major activity and new users mean more support tickets and man-hours spent resolving them. To meet this demand, we have more than doubled the size of our support team and will continue to expand as required to meet our previous customer satisfaction levels. Finding and hiring talented trustworthy support staff is not an easy or quick process, especially in our line of business. All new staff are trained on the technical and regulatory nature of a rapidly evolving industry. We must also ensure the security of our system and operations at every level. This requires thorough and proper screening of new employees and creating secure working environments for our staff.

Regulation and Onboarding

In anticipation of falling under AML/CTF Act regulation, we verify the identity of our users, their source of funds, and the purpose of their transactions as they occur on our platform. If users want to increase their limit, they must provide more information. We use this information to calculate a risk score. That score determines how we manage and mitigate a users risk. This will soon be required by the AML/CTF act and we take our compliance obligations very seriously. We make efforts to build a culture of compliance for our organisation. Often the on boarding process may require manual intervention or a letter to be sent. We are aware of the negative impact these delays can have on verifying your BTC Markets account. We are doing our best to work with our verification partner to improve automation whilst keeping private information protected in line with our Privacy Policy.

Our compliance team also needs to review and approve limit increases and often the checks for the source of funds is a manual process. We are aware of delays associated with limit increases and may we kindly ask that you do not submit limit increases via support as they are unable to resolve these tickets. Currently limit increases can only be submitted via the website and are subject to a compliance check.

Deposits and Withdrawals (Approved processing)

All of our transactions are monitored and if required we red flag certain transactions for specific activity to ensure the safety of your funds. While we are not able to provide the reasoning for red flags without compromising the integrity of the system, we want to advise how our efforts to keep our platform safe and secure may result in delays on deposits and withdrawals. For example, when our system detects suspicious activity, the resolution requires a human to follow up. As we increase our customer base,  more red flags are triggered resulting in more follow ups. Some of these flags have already benefited compromised accounts, protecting customer funds for users that did not have two-factor authentication enabled on their account. As tempting as it is to rush these systems, we should be made aware that large financial institutions have spent years fine-tuning their suspicious activity detection and transaction monitoring. Our rapid growth may not allow us time to fine-tune our systems, but we can learn from their experience in this area.

As we make improvements to our platform, we kindly ask that our users do not submit repeat support tickets. Most of our open tickets consist of duplicates. Repeat tickets increase our backlog and response time. It also creates more work as support have to manually consolidate the duplicates. Duplicate tickets needlessly slows resolution not only of your ticket, but of all other outstanding tickets.

We have experienced a very challenging and extremely exciting 2017.  We would like to wish all of our community a happy new year. Without your support we would not be here today. We have some exciting announcements to make in the near future, for what promises to be an extremely exciting 2018 for blockchain and the community.


BTC Markets Support Team