Moneytka converts the buyer’s cryptocurrency to U.S. dollars and sends those dollars by domestic wire to the licensed title/escrow company per the closing instructions. We do not act as the escrow agent, and we do not disburse settlement funds. Moneytka is registered with FinCEN as a Money Services Business (MSB) and maintain a written, BSA-compliant AML program.
We are currently applying for our Money Transmitters License from the Florida Office of Financial Regulation, and will not perform any transactions until our license is secured.
We require the following information from our clients prior to performing transactions:
– Government-issued ID, selfie/biometric match as applicable, and residency checks.
– Source-of-funds and source-of-wealth documentation for purchase funds.
– Sending wallet address
We use this information to perform OFAC screening for all customers and perform blockchain forensics on sending addresses (sanctions/illicit exposure screening). Full transaction receipts are provided to the buyer and the escrow agent, including the crypto conversion rate and the USD amount.
Fees: We disclose all fees (network fees, spread, and wire fees) upfront.
Refunds & failed closings: If a closing is delayed or cancelled, funds remain in escrow or are returned pursuant to written escrow instructions; crypto refunds (if applicable) are explained, including timing and any fees.
No rehypothecation: We do not lend or use client funds for any purpose other than the conversion and wire tied to the closing.
Data security: We protect KYC data using industry-standard security and limit sharing to what’s required for compliance and the transaction.
We retain transaction, KYC, screening, and receipt records for required periods and make them available to regulators upon lawful request.
We conduct periodic independent AML testing and employee training.