Vertbase complies with all applicable laws and regulations in each jurisdiction in which it operates.
American Trade Exchange, Inc., the company which operates Vertbase in the U.S., is licensed to engage in money transmission in most U.S. jurisdictions. Most of Vertbase’s money transmission licenses cover US Dollar Wallets and transfers. In some states, money transmission licenses also cover digital currency wallets and transfers on the platform. In other states, no money transmission license is required to operate a digital currency business
Vertbase is also registered as a Money Services Business with FinCEN.
Vertbase is required to comply with many financial services and consumer protection laws, including:
- The Bank Secrecy Act, which requires Vertbase to verify customer identities, maintain records of currency transactions for up to 5 years, and report certain transactions.
- The USA Patriot Act, which requires Vertbase to designate a compliance officer to ensure compliance with all applicable laws, create procedures and controls to ensure compliance, conduct training, and periodically review the compliance program.
- Most states’ money transmission laws and corresponding regulations.