BANKEX Community Q&A Week 29 Custody

Q: Does BANKEX provide information about clients’ operations to government or legal regulators?

For example: Can BANKEX block a deposit or an account if I have problems in my country (debts, tax avoidance, money-laundering or other bad situations).

A: All Users of the Custodian Service shall pass the KYC procedure and shall comply with the Anti-money Laundering Law

BANKEX has the right to suspend the processing of orders of any User who violates the Terms of use, or when the User is suspected of fraud or violating any other guidance, rules, laws or acts. In this case, the orders shall be suspended for the period of clarification of all necessary details

If BANKEX receives a request from its local regulator to suspend the procession of orders of the User, then the orders will be suspended

Q: Is there a setup cost? How is the 0.2% calculated? Is this an annual percentage, charged monthly or a monthly percentage charged monthly? For example on a 1,000 ETH deposit, would it be: 1,000 * 0.2% = 2ETH per month charge or 1,000 * 0.2% /12 = 0.16667 ETH per month charge.

A: Annual % charged monthly (0.2% per month)

Q: In which way are the deposits insured (in case Bankex declares bankruptcy or you get hacked)? Will you have some insurance policy?

A: We don't give any insurance guarantees. In the case of bankruptcy, customer funds are returned

Q: Please tell me some reasons why someone would deposit funds on crypto custodian?

A: 1. There is no minimum fund limit and it is impossible to break into.

2. Currently, we accept BTC, ETH, LTC, and BCH, but will accept more in the future.

3. Safeguard. You will never lose access to your crypto-storage. We protect you from hacking attacks, losing cryptocurrency wallet keys, etc.

4. Management. We provide a simple and friendly interface so you can easily manage your assets.

5. Access. We provide a 24/7 access guarantee.

6. Support. Our live chat customer service and community managers will support you every step of the way.

7. High standards of security on both software & physical levels

Q: I filled out the form on the website. What should I do now?

A: Just wait! You will be contacted soon