https://blog.coinburp.com/how-a-legal-firm-and-crypto-exchange-partnership-benefits-investorsLaw and Crypto partnership
CoinBurp and award-winning litigation lawyer firm (Selachii) partner up to provide an outstanding level of service to current and future investors. We just recently launched our unique cryptocurrency trading platform on the 7th of May 2019 and have seen a rapid level of uptake with new users. Through extensive research, we have identified the market as that which focuses entirely on experienced and knowledgeable traders and filled this gap with a mission to eradicate this common misconception.
Selachii, a fintech, bitcoin & commercial litigation law firm have vast experience coupled with a state-of-the-art case management system to aid clients in dispute resolution, fraud, arbitration and more. Past case studies demonstrate the high success rate of Selachii, proving their worth to be part of the Legal 500 in the United Kingdom and shortlisted for the Modern Law Awards 2017/18.
Responsibilities for protecting customer data
On the 25th of May 2018, we saw the General Data Protection Regulation (GDPR) take effect following a number of cases whereby high and low-level companies were abusing the privacy of user data they had collected. This data was either being stolen, sold or publically available which highlighted the lack of privacy of our general data which could be used against us for purposes such as criminal activity and unauthorised advertising spam.
On a daily basis, hundreds of millions of people entrust websites and companies with highly confidential and private information. CoinBurp and Selachii are great examples of companies who place trust within our customers but putting customer data protecting at the forefront of our values.
We have undergone and will continue to undergo, strenuous testing on throughout our site to decrease any potential external threats. With security at the core of everything we do, our mission is to provide a trusted and secure site for all visitors and investors. We have implemented a variety of security measures to ensure the confidentiality of personal data and protect personal data from loss, theft, unauthorised access, misuse, alteration or destruction.
Selachii, again a company that deals with confidential client data are committed to ensuring that all information is secure. Selachii stipulates that no data will be held for any longer than is reasonable. No details are transferred or sold to third parties for direct marketing, without clear consent. They are another great example that keeps data internally and highlights the importance of data protection.
We both hold valuable client information and emphasise the value of keeping it private, as we are both service-based companies where customers come first, they and their details are treated as such.
How account verification controls prevent crypto or fiat commingling with potential crypto or fiat gained through illicit means
One of our many unique features is the concise and efficient verification process. We have partnered up with expert service providers within the cryptocurrency space such as Jumio. Jumio enhances compliance and reduces fraud through airtight KYC (Know Your Customer) & AML (Anti Money Laundering) compliance protocols. The reason for such stringent, yet efficient verification is to onboard an investor and ensures that that person is the one to be able to trade, transfer and move funds.
Our reasoning with these implementations is to prevent and control any commingling between the 2 parties. This term is defined as the movement of funds by a company which belongs to a client, and as a result, breaching trust. By installing strict and quality verification process’, the depositor of funds will be the only person able to move, trade and withdraw.
Our partnership with Selachii adds benefit in a way that aids in the prevention of such misconduct. If such instances were to occur by an individual or third party without our knowledge, having been backed by a top fintech law firm will be able to provide a solution and future prevention.
“As a cryptocurrency company operating in a notoriously difficult space, instilling confidence into our customers was of the utmost importance. To us, this meant going above and beyond what is legally required by a responsible cryptocurrency business. ” - Peter Wood, CEO & Co-Founder of CoinBurp
Selachii’s exposure to legal cases in the crypto space have helped shape CoinBurp Selachii are experts in bitcoin and cryptocurrency, and fully understand all of the means used by fraudsters, and use this knowledge to assist clients in reclaiming any loss as a result of bitcoin fraud.
Previous cases Selachii have worked on include:
Obtaining an injunction against two rogue exchanges.
Assisting with ICO’s.
Advising generally in relation to regulation and legislation.
Providing escrow services to a major margin trading fund with crypto assets in excess of £250M GBP.
Assisted with the launch of a new crypto token with a presentation on stage at their UK launch which was streamed live to Malaysia and Vietnam.
Assisting with terms and conditions and other policies etc for major exchanges.
Advised major exchanges in relation to US tax reporting requirements.
“Crypto will continue to integrate into everyday transactions and society. Governments worldwide will realise they cannot stop ban crypto but will instead regulate it and ensure they can identify users in order to be able to tax where applicable” - Richard Howlett, Solicitor and Managing Director of Selachii.
This experience in dealing with cryptocurrency-related issues has brought new ideas forward on how to create a platform that reduces the risk of fraud and puts security at the core. Our platform has been built on the foundation of legal, security and industry knowledge to provide retail investors with the cryptocurrency trading platform they need.
