Jan 31 / 2019
Latest News / Blockchain news

New Bitcoin exchange shields users from dirty coins

Wunderbit OÜ launched a Bitcoin exchange designed to protect users from coins used in underground activities.

To do this, the exchange uses a verification system that tests every incoming satoshi before it can enter its coin pool. Nearly all existing bitcoin exchanges contain at least some amount of ‘dirty’ coins. This includes bitcoin stolen from hacked wallets, associated with criminal activities, or used in money laundering.

“Dirty bitcoin is a strong deterrent for many buyers,” Wunderbit’s spokesperson said. “This is especially true of wealthier clients. If you’re planning to invest large sums into bitcoin, you want to be sure you’re buying clean coins.”

The new exchange seeks to remedy this issue. Using a system used by international law enforcement, the exchange traces the history of every bitcoin it receives. It then searches for patterns associated with theft, criminal activities, and money laundering schemes. If a match is found, the exchange will reject the transaction to keep its coin pool clean.

To further protect its users, the exchange employs a regulation-compliant identity verification procedure and state of the art security technology.

As of now, the Wunderbit Exchange allows users to purchase Bitcoin using several payment methods, including credit/debit card payments, Skrill, and SEPA bank transfers. At the highest level of verification, the exchange offers transaction limits of up to 15,000 EUR per month. Users are also able to sell Bitcoin in exchange for euro. At the end of every exchange, users receive a document that serves as official proof of the transaction.

The company running the exchange, Wunderbit OÜ, is a fully accredited European financial institution that operates under a government license as a provider of exchange services between virtual and fiat currencies.

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