BitPrime’s Retail Trading Platform Transaction Limits
Under the ” My Account” section, users see two figures, a daily transaction limit, and a 30-day transaction limit. As an example, your trading limits may be set to NZD 10,000.00 (daily trading limit) and NZD 25,000.00 (30-day trading limit). This means customers with these limits can only buy or sell up to NZD 10,000.00 in total per day, or NZD 25,000.00 in total every 30 days.
BitPrime’s transaction limits are necessary in order to comply with AML/CFT regulations in New Zealand.
The 30-day period is a rolling limit. Meaning, if you used $5,000 of your 30-day limit today, in 30 days time that $5,000 amount becomes available again. If you used $1,000 of your 30-day limit yesterday, in 29 days time that $1,000 amount becomes available also.
Extended Purchasing Limits
Customers can increase their trade limits by applying for extended verification. This involves providing documentation verifying where the money and/or crypto has come from to buy or sell outside of the given limits. You can increase your limits by as much as your documentation proves.
BitPrime has introduced enhanced verification in order to comply with current AML/CFT regulations in New Zealand.
If you wish to buy more than $10,000 worth of crypto a day and more than $25,000 worth of crypto a month, we will have to receive a proof of your source of wealth/funds from you. You will receive an email with the requirements after you apply for your limit increase.
This rule has no exceptions.
Based on AML/CFT legislation, we are now required to receive JP/solicitor/accountant certified copies in addition to scanned copies of your documents.
Here is the list of acceptable documents:
- Government-issued or registered documents or data
- Full bank and other investment statements
- Full payslip or wage slip or other documents confirming salary
- GST number and IRD statement of earnings from the most recent year (for sole traders)
- Inheritance (stamped grant of probate, stamped grant of letters of administration)
- Audited financial accounts from a chartered accountant or Charities Services
- Letter from an agent of the customer confirming they have knowledge of and established business relationships with the customer
- A copy of a will
- Sales and purchase agreements
- Other documents as agreed with BitPrime
You only need to provide proof of your wealth/funds for sell orders if the cryptocurrency you are selling was acquired from outside of BitPrime. If you purchased your cryptocurrency from us, we would check its source from your transaction history.
That means you can sell your crypto back to us any time without any additional approval.
This rule applies to any amount of crypto you have, even if it exceeds your daily/30-day limits. If this is the case, to do so, you will need to submit a manual request for a quote here.
We understand that crypto prices may go up significantly.
If you purchased crypto from other providers, we need to receive the following (any applicable information you have):
- Purchase receipt from an exchange or broker
- Mining contracts
- Transaction IDs (TXID)
- Wallet addresses
- Trading history from an exchange
- Tax returns showing cryptocurrency assets
Regardless of your account transaction limits, BitPrime monitors all transactions to ensure that we’re complying with the AML/CFT Act 2009 at all times.
Please don’t be offended if we request additional information regarding a transaction; we’re complying with our statutory requirements as a responsible financial services provider.
If you have any questions regarding verification or purchasing limits, please contact us.