At MyBackpack our mission is to increase economic freedom in the world, and we do so by trying to be the most trusted company in crypto. Trust is not an abstract notion, but a function of the real things we do to protect our users and the broader crypto community from harm. One of those things is adhering to local anti-money laundering regulations as part of our comprehensive financial compliance program. We do this to stop bad actors from accessing our platform so that financial crime does not have a chance to form. What this means for you, the user, is that local anti-money laundering laws require MyBackpack to verify your identity before you’re allowed to have full use of our services. We do this through a know-your-customer (KYC) program and it is one of the first things you see when you sign up for a new account. Over the course of several screens, we ask users to provide personal information so that we can properly verify that you are who you say you are.
We collect this information to satisfy local anti-money laundering laws, which includes determining if you’re on any international sanctions lists. We also have a sophisticated fraud detection engine that helps us measure risk which then makes a decision on whether you need to supply additional information in order to complete onboarding.
We understand that submitting your personal information may make you hesitate and wonder if you want to complete your sign up. Rest assured, we comply with applicable digital privacy laws and safely handle your personal information with the utmost care, encrypting the data in transit and at rest.