The emerging Bitcoin marketplace, Bitcoin Trade Namibia (BTN) has adopted the anti-money laundering and Know Your Customer (KYC) requirements of country’s central bank. BTN is trying to give a chance to trade Bitcoin in a country where the commercial use of digital assets is banned.
In September this year, Bank of Namibia (BoN) the central bank of the country announced that the crypto exchanges are not allowed in the country under a decade-old law. Bank of Namibia said that cryptocurrencies could not be accepted as payment for goods and services in Namibia. Despite the ban, BTN is providing the opportunity to invest in Bitcoin to the Namibians who are keen on investing in cryptocurrencies. Though it takes around three to four days to settle the transaction, it is worth waiting in a country where crypto trading is banned.
According to the co-founder and Chief Executive Officer (CEO) of Bitcoin Trade Namibia, Tshuutheni Emvula the company is trying to provide a safe and secure platform for Bitcoin trade. He said
“The idea is to provide a safe and secure on and off ramp for bitcoin for Namibians who have expressed increasing interest … in the cryptocurrency. We are of the opinion that bitcoin, at its fully realized potential, provides the Namibian entrepreneur and consumer the perfect open payment mechanism for a digitally connected world.”
Bitcoin Trade Namibia was founded in March this year by a group of software developers. It is a non-speculative Bitcoin marketplace which allows the Namibians to trade Bitcoin. BTN does not work as a cryptocurrency exchange to buy and sell bitcoin using local currency. To trade in Bitcoin, first, the investors have to transfer money to BTN bank account in exchange for Bitcoin which is sent to an address of their choice. BTN charges a fee of 2% for the transaction which does not exceed 150,000 Namibian dollars. The buying process can take up to 72 hours, though most of the times Bitcoin delivery completed within three hours of fiat deposit.
Tshuutheni Emvula said that
“We do not keep or store any bitcoin on behalf of users. We do not have an open order book which allows users to trade bitcoin with each other. We provide buy and sell services on an individual client basis. However, BTN is working with institutional investors on issues of custodianship, but these services are not open to our low volume and casual customers at this point.”
BTN is fulfilling the anti-money laundering and knows your customer requirements which are compulsory for the financial service providers. BTN reviews each transaction in a relevant manner as described by Namibian law and compliance policy of the company.
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