1. Compliance Policy
Simplebit is a UAE-licensed Payment Service Provider (PSP). We do not operate as a cryptocurrency exchange or custodial wallet service and do not hold user funds. All crypto transactions are routed securely and compliantly from sender to merchant via approved protocols.
We comply fully with UAE Central Bank regulations, FIU directives, and industry best practices on PSP operations. Internal audits are conducted bi-annually, with immediate updates upon regulatory changes.
2. KYC (Know Your Customer) Policy
KYC Scope & Responsibility:
- Simplebit performs full KYC on all merchant accounts during onboarding and updates them every 6–12 months.
- Simplebit does not KYC individual users unless requested by UAE authorities.
KYC Exceptions:
- If the UAE government or authorized entity requests individual user KYC, Simplebit will conduct full verification.
Verification Providers:
- Verification through authorized partners such as Verifacts Inc.
- Checks include passport, address, criminal background, global scans, and credit reports.
Security: All KYC documents are encrypted and disclosed only upon legal request.
3. Data Protection Policy
- All personal and transaction data is encrypted in transit and at rest.
- Internal platforms include role-based access, audit logs, and breach-response protocols.
- Documents are stored securely in cloud infrastructure.
4. Transaction & Payout Policy
- QR code transactions are tracked in real time with full visibility for merchants.
- Merchants access a dashboard logging all transactions and payouts.
Emergency Assurance: If payout fails despite on-chain confirmation, Simplebit will fulfill payment from its reserves.
5. Merchant Onboarding Policy
- Identity & license verification, source of funds, and business document checks required.
- Background checks performed via Verifacts or certified partners.
- Red flags: shell companies, fraud history, or suspicious documentation.
6. Crypto Routing & Conversion Policy
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