BitExchange Nigeria operates a private, manual crypto-to-naira trading service. We do not run an open self-serve exchange, and we do not automatically accept trades from the public. Every transaction is subject to our internal review and discretion.

We take fraud, money laundering, stolen funds, impersonation, account abuse, and suspicious transaction patterns seriously. We reserve the right to refuse, delay, pause, or cancel any trade that we believe may expose BitExchange, our banking channels, or any party connected to the transaction to risk.

1. Private and Discretionary Trading

BitExchange mainly deals with known persons, referred persons, repeat traders, and counterparties we are reasonably comfortable trading with. We are not under any obligation to process every trade request sent to us through WhatsApp or any other channel.

Submitting a transaction request does not mean the trade has been accepted. We may decline a trade without giving full reasons where necessary for security, compliance, fraud prevention, operational safety, or business protection.

2. No Formal KYC, But Transactions May Be Reviewed

BitExchange does not currently operate a formal customer KYC process for every transaction. However, this does not mean trades are accepted blindly. We may request reasonable information, supporting proof, or clarification before deciding whether to proceed with a trade.

This may include your full name, phone number, bank account details, wallet address, transaction hash, screenshots, exchange source, referral source, or any other information we reasonably require to understand the transaction.

3. Prohibited Transactions

We do not accept, process, or knowingly facilitate transactions connected to any of the following:

  • fraudulent activity or stolen funds
  • phishing, hacked wallets, or compromised exchange accounts
  • impersonation or identity misrepresentation
  • mule accounts or proxy bank accounts
  • romance scams, investment scams, giveaway scams, or chargeback-related abuse
  • sanctions evasion, terrorism financing, or any criminal activity
  • transactions structured to hide the real sender, beneficiary, or source of funds
  • any activity that appears unlawful, deceptive, abusive, or inconsistent with a legitimate trade

4. Source of Funds and Transaction Legitimacy

By trading with BitExchange, you represent that your crypto, funds, and related accounts are not linked to fraud, theft, unauthorised access, financial crime, or any unlawful activity. You also confirm that you are authorised to control the wallet, exchange account, and bank details connected to the transaction.

Where we believe a transaction is inconsistent, unusually structured, poorly explained, unusually urgent, unusually large, or otherwise suspicious, we may request more information before continuing.

5. Mandatory Referee Requirement for Suspicious or High-Volume Trades

For certain transactions, especially suspicious transactions, unusual transaction patterns, or high-volume orders, BitExchange may require the trader to provide a referee before the trade can continue.

This referee requirement is mandatory where requested by us.

The referee must be a real, traceable person. In most cases, the referee must be someone already known to BitExchange, someone known within our trusted network, or someone we can reasonably verify as a genuine and reachable person. We may reject any referee we consider vague, unverified, unreachable, unreliable, or unsuitable.

The purpose of this requirement is to reduce fraud risk and confirm that the trader is a real person with some level of known social trust or accountability. This referee acts as a form of transaction assurance or guarantor reference only. Providing a referee does not force BitExchange to accept the trade.

Where a referee is requested, we may ask for the referee’s name, phone number, relationship to the trader, and any other reasonable details needed to assess credibility. We may also contact the referee directly.

If a requested referee cannot be verified, is not satisfactory to us, denies knowing the trader, refuses to cooperate, or raises further concern, we may decline the trade immediately.

6. Third-Party and Mismatch Restrictions

BitExchange may refuse transactions involving third-party bank accounts, unexplained split payouts, hidden beneficiaries, proxy arrangements, or any structure that makes it difficult to confirm who is actually sending or receiving value.

We may also refuse transactions where the names, bank details, wallet history, referral story, communication pattern, or explanation provided do not reasonably align.

7. Right to Pause, Delay, Decline, or Cancel

We reserve the right to pause, delay, review, refuse, reverse where applicable, or cancel any transaction where:

  • the trade appears suspicious or high-risk
  • the source of funds is unclear
  • the trader refuses to provide requested information
  • the trader refuses to provide a referee when required
  • the referee provided is not acceptable to us
  • the transaction may expose us to fraud, dispute, legal risk, banking issues, or reputational harm
  • we are not reasonably satisfied with the legitimacy of the transaction

Our decision on whether to proceed with a trade is final.

8. Reporting and Cooperation

Where we suspect fraud, money laundering, stolen assets, impersonation, account abuse, or any unlawful activity, we reserve the right to report the matter to relevant authorities, financial institutions, service providers, legal representatives, or investigative bodies as required or reasonably necessary.

We may also preserve and share relevant records where required by law, lawful request, internal investigation, dispute handling, fraud prevention, or protection of BitExchange and other affected parties.

9. Records We May Keep

For security, review, operational, and dispute purposes, we may retain records connected to a transaction, including chat logs, wallet addresses, transaction hashes, screenshots, payout details, timestamps, voice notes, referral details, referee details, and any explanations or supporting information supplied to us.

10. No Obligation to Explain Internal Risk Decisions

For fraud prevention and security reasons, BitExchange is not required to disclose all internal checks, review methods, or decision factors used when assessing a transaction. We may keep parts of our risk process confidential where necessary to protect the business and prevent abuse.

11. No Guarantee

While we take steps to reduce fraud and suspicious activity, BitExchange does not guarantee that every unlawful, deceptive, or high-risk transaction will always be detected, blocked, or prevented in advance.

12. Policy Updates

We may update this policy at any time to reflect changes in our risk controls, business model, operational realities, or legal obligations. Continued use of our service after any update means you accept the revised policy.

13. Acceptance of This Policy

By requesting, initiating, or completing any trade with BitExchange, you acknowledge that you have read, understood, and agreed to this Anti-Fraud, AML & Transaction Review Policy.