Bitcoin-based gold exchange and storage company Vaultoro today informed users regarding a terms of services update. The most significant changes is that it is now required that all customers who hold their gold with Vaultoro verify their accounts. This is due to regulations regarding gold holdings.
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 do you need my identity if you guarantee you will never report it to a third party?
A: Our files could get audited in our offices. If we can not show a list of our customers, the auditor assumes, that the gold belongs to us and not our customers. The data never leaves our system and the auditor will be under a strict non-disclosure agreement. This is the only way we can guarantee that the gold is held in your name as your property. If something would happen to us your gold would not be affected. This is the most important aspects of our business: The security of your funds.
Q: How long do I have to verify my 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 you do not want to verify your account we kindly ask you to sell your gold for Bitcoin before the 2nd of July. We will send additional reminders.
Q: I am already verified. Do I need to do something?
A: Nope. If you are already verified nothing changes for you.