Why Does CoinJar Want So Much Personal Information?

At CoinJar, we prioritise your safety and trust by maintaining a secure and compliant platform. Our commitment to regulatory standards protects our customers, fosters confidence in cryptocurrency, and upholds the integrity of the cryptocurrency ecosystem. If you are in the UK or Australia, here’s how it works.

Why Does CoinJar Have These Obligations?

CoinJar Australia Pty Ltd is a registered digital currency exchange provider with AUSTRAC (Registration No. DCE100749118-001). As part of this registration, we comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), commonly known as the AML/CTF Act.

Compliance with the AML/CTF Act helps prevent illegal activities such as money laundering, terrorism financing, and fraud, ensuring the safety of CoinJar customers. To meet these standards, CoinJar is required to:

-Verify customer identities (Know Your Customer or KYC)

-Collect information on the purpose of accounts and transaction details, including recipients, senders, and reasons (Customer Due Diligence or CDD / Ongoing Customer Due Diligence or OCDD)

-Conduct enhanced verification for higher-risk customers (Enhanced Customer Due Diligence or ECDD)

-Monitor transactions for unusual or suspicious activity (Transaction and Account Monitoring).

Why Does CoinJar Request More Information Than My Bank?

The risks in cryptocurrency differ from those in traditional banking. Banks track transactions with clear identifiers like account numbers, while cryptocurrencies offer anonymity and instant global transfers, making it harder to trace illicit funds.

To address these challenges, CoinJar conducts thorough due diligence from the moment you create your account. This proactive approach strengthens our defenses against misuse and enhances platform security, adapting to the decentralised nature of cryptocurrency.

Regional Variations

CoinJar in the United Kingdom

CoinJar UK Limited is registered with the Financial Conduct Authority (FCA) as a Cryptoasset Exchange Provider and Custodian Wallet Provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).

In the UK, we adhere to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, known as the MLRs. These regulations require similar measures to those in Australia to prevent financial crimes, including:

-Verifying customer identities (KYC)

-Gathering details on account purposes and transactions (CDD/OCDD)

-Performing enhanced due diligence for higher-risk customers (ECDD)

-Monitoring transactions for suspicious activity

Further details on the MLRs can be found on the FCA’s website. Our UK operations align with these requirements to ensure a secure and compliant platform for our customers.

CoinJar in Ireland

CoinJar Europe Limited (CRO 720832) is registered as a Virtual Asset Service Provider (VASP) and supervised by the Central Bank of Ireland (Registration No. C496731) for Anti-Money Laundering and Countering the Financing of Terrorism purposes under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended.

In Ireland, we adhere to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, which implements EU directives and Financial Action Task Force (FATF) standards to prevent financial crimes. These regulations require:

Verifying customer identities (KYC)

Gathering details on account purposes and transactions (CDD/OCDD)

Performing enhanced due diligence for higher-risk customers (ECDD)

Monitoring transactions for suspicious activity

Our Irish operations, based in Dublin, are working towards full Markets in Crypto-Assets Regulation (MiCAR) authorisation in 2025, ensuring compliance with EU standards and a secure platform for our customers.

What Happens When CoinJar Requests More Information?

When we ask for additional information, it’s to protect you from financial crime and ensure compliance with AML/CTF regulations. This may involve providing:

-Details about the purpose of your account or transactions

-Information on the destination of funds or transaction recipients/senders

-Additional KYC documents (e.g., driver’s license, passport, or ID selfie) to verify identity

-Supporting documents like bank statements, payslips, or proof of funds/wealth.

We may also inquire if someone assisted with your account setup or confirm your understanding of cryptocurrency’s irreversible nature. Your cooperation helps maintain a secure and trustworthy platform.

Why Are Restrictions Applied to My Account?

Account restrictions may be applied automatically by our systems or manually by our Security Team to comply with regulations and ensure safety.

Restrictions vary, and we’ll inform you of the type where possible. For security reasons, we cannot disclose the specific criteria for restrictions. In some cases, we may not provide further details or be able to lift restrictions.

If you believe a restriction was applied incorrectly, please contact support@coinjar.com for a review.