We understand how important it is for you to feel confident that we're a legitimate and trustworthy platform. We've created this article to outline our privacy practices, including what information we collect, how we use and protect it, and how we disclose it.
Table of Contents:
- What personal information do we collect?
- Why do we collect your biometric information?
- How do we use the information we collect?
- How do we protect your personal information?
- Do we disclose your personal information to third parties?
- Are we compliant with privacy laws?
- How long do we store your data for?
What personal information do we collect?
As with many other exchanges, we collect information needed to open, maintain, and secure your account. This includes, but is not limited to:
- Identity details (including your name, date of birth, and government-issued ID)
- Contact information (including your email address, phone number, and residential address)
- Biometric information (This data is not stored and is only necessary for identity verification purposes when required)
- Additional data may occasionally be requested to comply with regulatory requirements, such as your source of funds or proof of address.
If at any time your information becomes outdated or a regulatory review is due, we may ask you to update or resubmit documents. Additional types of information that we may collect from you can be found here.
Why do we collect biometric information?
We've partnered with Onfido, a trusted identity-verification platform, to ensure your identity is verified quickly and securely. As part of the verification process, you will need to provide your ID and a short video of yourself, which will be used to scan your facial geometry. Onfido will then compare the image from your identity document with the one captured in your video to ensure they match, while also performing liveness detection. Please note that this process will also require the processing of audio.
Note: Onfido does not retain biometric characteristics and does not share them with Bitbuy.
How do we use the information we collect?
We use your information to:
- Set up and maintain your Bitbuy account, including verifying your identity, determining eligibility, and enforcing any applicable limits or restrictions.
- Tailor your experience and customer support on our platform - for example, by providing targeted notifications.
- Detect, prevent, and investigate fraud or unauthorized access. Onfido's encrypted ID scans and liveness checks ensure you're really you.
- Fulfill legal and regulatory obligations.
You can take a look at the other ways we use the information collected here.
How do we protect your personal information?
Access is restricted to authorized employees and service providers on a strict "need-to-know" basis, and any information shared is fully encrypted and secure. Except as outlined in our Privacy Statement or as required or permitted by law, we do not sell or share your personal information with third parties.
Do we disclose your personal information to third parties?
We will never sell your data. We may share information with:
- Service providers who perform services on our behalf (for example, Onfido for identity checks and hosting providers). They receive only the data necessary to perform their tasks and are prohibited from using it for any other purposes.
- Payment processors, fraud prevention firms, and financial auditors.
- Law enforcement or regulatory bodies, when required by law
You can read more about the disclosure of your information to third parties and additional circumstances here.
Are we compliant with privacy laws?
We are fully compliant with Canadian privacy laws, including the Personal Information Protection and Electronic Documents Act (PIPEDA).
How long do we store your data for?
We retain your personal information only as long as necessary to:
- Provide our services
- Comply with legal, regulatory, and contractual obligations.
In compliance with Canadian law (including FINTRAC and CIRO requirements), if you close your account, we will retain your records for at least 7 years after closure.
You can review our full privacy statement here. If you are unsure about an email you have received that appears to be from Bitbuy, please contact our support team before clicking any links. We're here to help!