Over the weekend we’ve been re-thinking our current deposit mechanisms which we have found to be unsustainable. CoinJar has now over 2,000 customers who actively trade in bitcoin. One of the chief criticisms of our business have been the low deposit limits. The $100/day limit stems from the need to decrease the incentive for scammers to use our website. This has also helped to limit our liability as we’ve only been operating for a short period of time. It’s been agreed that we should not unfairly penalise those who want to go the extra-mile to buy larger amount of bitcoin.
At the same time as CoinJar continues to grow and become a household name in Australia, we have become an increasingly larger target for unscrupulous individuals who wish to commit fraud. It’s our imperative that we now introduce identification procedures as part of our security mechanisms. This will also go a long way in protecting you, our clients, as well as the sustainability of our business. We will NEVER sell or provide your details to anyone unless there is a funds reversal or a court order. Your ID will be securely transferred over Secure Socket Layer (SSL) and stored encrypted using AES 256-bit encryption.
The ideal of totally anonymous transactions is one that CoinJar supports. We stand firmly with ideals of civil liberty, personal privacy, and the freedom to go about your own business without someone peering over your shoulder. However at this point in time, concessions have to be made. If you are uncomfortable with providing us with ID, we still have the option to do an over-the-counter cash deposit at a NAB branch. There’s a handy branch locator here.