‘Igot.com Has Stopped Over $1.2M Worth of Frauds in the Past 6 Months,’ Says Founder

In light of users’ complaints over withdrawal delays on Australian Bitcoin exchange Igot, founder Rick Day, responds to clients concerns and sheds light on his exchange’s verification process.
Igot, which is closely monitoring for suspicious activities occurring on its exchange, “has stopped over AUD$1.2M worth of frauds in the past 6 months alone by imposing ‘manual verification’ when an account is flagged,” according to Day.
“We’re an exchange and we need to meet our AML and KYC obligations,” he stated. These obligations are notably fulfilled by manual verifications of “high risk” profiles, which sometimes require video verification.
Such profile can correspond to a user living in country A, providing identification documents from country B, and requesting a deposit of money from country C, for instance.
In these particular cases, “the verification process cannot be done in a matter of minutes or hours,” Day said. “That to us is high risk and we will need to take our time to thoroughly review their documentations and other information provided,” he noted.

This post was published at Coin Telegraph on 2015-02-26.