Bitdeer Group’s leadership in pioneering compliance and upholding rigorous standards keeps digital asset business sustainable for the long term.
SINGAPORE, Sept. 28, 2021 (GLOBE NEWSWIRE) — With continually practicing the global compliance strategy and prospective planning, Bitdeer Group has established strict know-your-customer (KYC) and updated know-your-transaction (KYT) procedures for all individual and enterprise clients who utilize Bitdeer. This move reflects Bitdeer Group’s continued evaluation of its rigorous global compliance strategy for its expansive business lines while ensuring the operations conform with governance standards worldwide.
“Bitdeer Group aims to demonstrate a sustainable business practice that adheres to global regulatory standards and safeguard the privacy and rights of the users,” said Matt Kong, CEO of Bitdeer Group.
Together, these actions are establishing Bitdeer Group as the forerunner in the digital asset mining industry. This cultivates a safer environment for all individual and enterprise customers while maintaining the integrity of Bitdeer Group’s mission to provide truly expansive services that address all needs and demands related to mining.
Pioneering Global Compliance in the Crypto Mining Industry
Bitdeer Group is setting the gold standard for worldwide compliance in digital asset mining services. With the internal compliance committee that has matured over the years, which includes the Information Security Center, Risk Management Unit, Anti-Money Laundering Supervision Team, Legal Department, and other divisions, Bitdeer Group paves the road for companies to follow suit in being regulatory friendly and most importantly, protecting users from nefarious actors.
These arms within Bitdeer Group conduct deep research into the relevant laws, regulations, and policies that cover mining operations, then formulate air-tight management guidelines for the group’s local operations to adhere to the strictest standards. The teams also work in tandem with Bitdeer Group’s research and development section for systemwide upgrades, ensuring all operations are compliant with local regulatory frameworks.
These internal control and rules that blend corporate oversight, strict management measures, and stringent security to safeguard customer information demonstrate Bitdeer Group’s drive to be at the forefront of multinational compliance. This outlook guarantees premium services for individual and enterprise clients that utilize Bitdeer Group’s multifaceted offerings.
Maintaining the High Standards in Mining Datacenter
The construction, power usage, electrical standards, mechanical standards, and field operations of Mining Datacenter’s sites in the United States conform to the local regulations, requirements, and industry standards. Mining Datacenter holds the relevant certification to show its facilities meet the requirements of various inspection and safety organizations, including the Occupational Safety and Health Administration, or OSHA.
Mining Datacenter routinely maintains and upgrades its facilities and hardware as needed, with frequent upkeep to assure top-of-the-line, steady, and stable operational processes that serve Bitdeer Group’s customers in a fully compliant manner.
Upgrading KYT and KYC Processes in Bitdeer
The all-inclusive cloud service unit, Bitdeer, addresses customer needs following the laws of various countries. This includes rejections of would-be clients in locations beyond Bitdeer’s service scope, as well as outright bans of suspected terrorists or sanctioned entities.
Bitdeer has rolled out a full KYC system in late September, customers will undergo real-name authentication to comply with relevant laws and regulations. This will also foster user protection, account security, and prevent, detect, and reduce fraud risks. Users who fail to complete the KYC process will be restricted from the purchase.
Then, Bitdeer will launch its KYT functionality in mid-October to screen customer wallet addresses, to prevent, detect and reduce money laundering, financing of terrorism, and sanctions compliance risks. All customer information will be kept strictly confidential.
Bitdeer Group pays attention to money laundering and financing of terrorism risks and is committed to creating a strong anti-money laundering and sanctions compliance culture. With multiple new policies, procedures, and processes in place, Bitdeer Group is reshaping the digital asset mining industry to create a secure environment for all new entrants and experienced members of the broader digital asset community.
About Bitdeer Group
Bitdeer Group is the world’s leading digital asset mining service provider. It was founded by Jihan Wu, the co-founder of Bitmain and Matrixport, along with Sequoia Capital, IDG, and other well-known investment institutions in the blockchain field. With headquarters in Singapore, Bitdeer Group has branches in the United States, Europe, and other countries and regions. The group has three business lines — Bitdeer, Mining Datacenter, and Minerplus. Together, they demonstrate Bitdeer Group’s commitment to facilitating fully compliant digital asset mining services.
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