Who provides BineBit
| Region | Provider |
|---|---|
| Nigeria | [Nigerian legal entity name], registered with the Corporate Affairs Commission ([RC number]), [Registered address, Nigeria]. |
| United Kingdom | [UK legal entity name], registered in England and Wales ([Companies House number]), [Registered address, United Kingdom]. |
Nigeria
In Nigeria, digital asset businesses are overseen by the Securities and Exchange Commission (SEC) Nigeria. Anti-money laundering obligations are set by the Money Laundering (Prevention and Prohibition) Act 2022 and supervised with the Nigerian Financial Intelligence Unit (NFIU). Personal data is protected under the Nigeria Data Protection Act 2023.
Our status: [Regulatory status in Nigeria, e.g. SEC Nigeria registration or licence number]
United Kingdom
In the UK, businesses that exchange cryptoassets or hold them for customers must be registered with the Financial Conduct Authority (FCA) for anti-money laundering purposes. FCA registration covers money laundering controls only. It does not mean the FCA regulates the cryptoassets themselves or the wider service.
Our status: [FCA registration status and firm reference number]
Cryptoassets are not covered by the Financial Services Compensation Scheme (FSCS). Read our cryptoasset risk summary before you use BineBit in the UK.
How we hold your crypto
BineBit wallets are custodial. We hold the crypto in your wallet on your behalf; you do not hold the private keys. Your balance is shown in the app and every deposit is recorded against your account.
[Describe safeguarding arrangements to be confirmed with the lawyers and the security team, for example how customer assets are separated from company assets, how they are stored, and what happens if BineBit stops trading.]
Payouts to your bank
Cash payouts are sent to your own bank account through [payment partner names] in Nigeria and via Faster Payments through [payment partner names] in the UK. Money is not held in a bank account in your name and is not covered by deposit protection schemes while it is with BineBit.
More information
See our Terms of Service, AML policy and complaints process, or email compliance@binebit.com.