Though the cryptocurrency market's legal status is still being determined, Oodlebit is taking a proactive approach to ensuring full legal compliance for the exchange. This approach is based off of conservative procedures, all of which operate within the confines of existing law. The exchange constantly monitors legal and regulatory developments in order to anticipate future changes.
In order to conform to local and international regulations, Oodlebit has implemented internal procedures to combat money laundering, terrorist financing, drug and human trafficking, arms and WMD sales, corruption, and bribery on its platform. The Oodlebit Anti-Money Laundering and Know Your Customer Policy (AML/KYC Policy) helps to identify, prevent, and mitigate risks of illegal activity on the Oodlebit exchange. The policy consists of implementing verification procedures, utilizing the services of a compliance officer, monitoring transactions, and assessing risks.