Bitcoin-based gold exchange and storage company Vaultoro informed users today regarding terms of service updates due to changes in regulations regarding gold holdings in Switzerland.
The changes now require all customers who hold their gold with Vaultoro to verify their accounts.
The Vaultoro team says don’t panic, as it knows its clients would like to stay private, however, they guaranteed they will never report names to a third party that is not involved with the purchase/storage of gold or auditing procedures.
Q & A details on changes
Q: Why is identity verification needed if it is guaranteed to never report to a third party?
A: Vaultoro said its files could get audited and if they can not show a list of its customers, the auditor assumes, that the gold belongs to them and not the customers. The data never leaves their system and the auditor will be under a strict non-disclosure agreement. This is the only way the company said it can guarantee that the gold is held in the client’s name as their property. If something would happen to Vaultoro, the client held gold would not be affected. Vaultoro says their utmost interest is in the security and safety of client funds.
Q: How long do users have to verify their account?
A: From the 25th of June all users who want to buy gold need to be verified. From the 2nd of July, all users need to be verified to sell gold as well. If users do not want to verify accounts, Vaultoro kindly asks to sell gold for bitcoin before the July 2nd.
Q: If verified, does anything need to be done?
A: Nope. If already verified no changes need to be made.
Vaultoro is a platform where you can trade physical gold and bitcoin in real-time with low fees, bank independent. The company was selected this year for inclusion in accelerator TechStars to further develop the platform through expert mentoring. Vaultoro enables users to take physical possession of their bullion anytime or to sell for bitcoin instantly all within a secured account.