As of 2021, Bitso is using NVIO (Nvio Pagos México, S.A.P.I. de C.V., Institución de Fondos de Pago Electrónico) as a payments processor and virtual wallet for Mexican pesos. This is excellent news for Bitso users.
NVIO is the first Financial Technology Institution authorized and supervised by Mexican authorities in the financial sector. NVIO offers its customers the possibility to easily, quickly, and securely make and receive digital payments 24 hours a day, seven days a week. Your NVIO account allows you to deposit funds directly from your bank account through SPEI. You can use the funds in your NVIO account to make payments and purchases in stores and digital platforms.
To continue trading with Mexican Pesos on Bitso, you must create your NVIO account and accept the Terms and Conditions and the Privacy Notice both on the platform and on the app.
Why do I have to accept new Terms and Conditions?
From now on, Bitso will use NVIO as your Mexican pesos operator. This means that your transactions with Mexican pesos will now be protected and guarded by a Financial Technology Institution supervised and regulated by the standards of the Mexican Fintech Law. That is why, to continue trading pesos within our platforms and app, you must accept NVIO's Terms and Conditions.
What operations can I perform on the NVIO platform?
NVIO is a Mexican Electronic Payment Fund Institution. This platform allows its users to make and receive total digital payments 24/7, remotely and without commissions, via mobile phone, email, QR codes, and interbank transfers (SPEI). In addition, NVIO will function as the Mexican pesos operator, with which Bitso will offer all services related to Mexican peso transactions.
Do I need an NVIO account to continue trading on Bitso?
Yes, you must agree to NVIO's Terms and Conditions and Privacy Notice to continue enjoying all of our services with Mexican pesos.
To accept NVIO's Terms and Conditions, log in here. It is fast and easy because you can do it with your Bitso username and password directly from our web platform or app.
What are the advantages of having an NVIO account?
This has many benefits for you, as the services we offer at Bitso will continue to be transparent, secure, and reliable. Furthermore, through NVIO, the custody of your Mexican pesos and transactions made with them will be protected by the highest standards of the Mexican financial sector regarding data protection and security.
It is important for you to know that by operating with the first entity regulated by the standards of the Fintech Law, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) will protect and defend your rights and interests together with us and with the National Banking and Securities Commission (CNBV), who will supervise and regulate the services offered by NVIO.
Will the way I trade with Bitso change?
The way you trade with Bitso will not change. Your trades in Mexican Pesos will now be processed by NVIO, so they will be subject to the relevant terms and conditions.
The services and products offered by Bitso will continue to be transparent, secure and reliable both within our web platform and our app.
Do I have to move my Mexican pesos funds from my Bitso account to NVIO?
No, you don't have to worry, your experience with Bitso will remain the same. Once you accept NVIO's Terms and Conditions, you will be able to make any operation with Mexican pesos from our web platform or app.
The balance in Mexican pesos in your Bitso wallet will remain the same. You do not need to move your Mexican pesos in any way.
What if I don't want to become an NVIO customer?
Before making this decision, it is very important that you are informed about the benefits for you, as in a few weeks, all transactions with Mexican pesos will be subject to NVIO's terms and conditions, so not accepting them could affect your experience and use of Bitso's services.
If, even with this information, you do not wish to be an NVIO user, you can withdraw your funds in Mexican pesos before we start operations with NVIO, and later at any time by means of cryptocurrencies.
In case there's a problem, which company will offer me support?
It is very important for us to inform you that, when transacting with Mexican pesos, either through SPEI, cash funding or Bitso Transfer, you will be receiving the services of NVIO, the first supervised and regulated Fintech in Mexico. As our Mexican peso operator, NVIO will provide you with help and support in case of any problems.
On the other hand, the trading and custody of cryptocurrencies, as well as the sending and withdrawal of cryptocurrencies, is a regulated activity in Gibraltar, so if you have any problems, Bitso International will be the one to provide you with help and support.
You don't have to worry: our contact channels will remain the same, and when you request a support ticket, you will see a legend that will indicate which company you are interacting with, depending on whether it is an activity in Mexican pesos or cryptocurrencies.
Will NVIO be responsible for the processing of the personal data I provide when opening an account on your platform?
All personal data you provide to NVIO will be protected in terms of the Federal Law for the Protection of Personal Data in Possession of Individuals (LFPDPPP), which guarantees that NVIO will always request your consent to collect information and that it will be treated in accordance with the duties of security and confidentiality.
Why do I need to create an NVIO account?
NVIO is the virtual wallet for Mexican pesos that offers its services to Bitso users. You need to create an account with NVIO so that you can continue to operate with Mexican pesos in a transparent, secure, and agile way on our platform and app.
Will the CLABE account with which I interact with Bitso change?
No, by signing the NVIO terms and conditions, your Bitso experience will not change, and you will be able to continue using the same CLABE account as usual for your deposit transactions.
How secure will NVIO be as a pesos operator?
NVIO is the first Electronic Payment Fund Institution, supervised and regulated by the standards of the Mexican financial system, which guarantees that, by becoming our Mexican peso operator, the services we provide are protected by the highest standards of the financial sector.
It is important for you to know that by operating with the first entity regulated by the standards of the Fintech Law, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) will protect and defend your rights and interests together with us, and the National Banking and Securities Commission (CNBV) will supervise and regulate the activity offered by NVIO.
What do the new terms and conditions imply?
Accepting the terms and conditions implies that all your Mexican Pesos will be held in the custody of an Electronic Payment Fund Institution regulated in Mexico and that the operation of your account will be subject to this document.
The terms and conditions include important considerations about the security of your account and how it works, as well as the levels of operation, NVIOs liability, and your rights and obligations as a user of the platform.
You will be able to view at all times in your account the detailed version of the terms and conditions in place.
Does this change mean that Bitso will cease to exist?
No, you have nothing to worry about. Bitso will continue to offer the same services, under the same brand name, but all transactions related to Mexican pesos will be processed by NVIO.
Will I have to pay fees to send pesos from NVIO to Bitso?
There are no fees.
What happens to the pesos I currently have in my Bitso account?
You have nothing to worry about, your balance in Mexican pesos will still be reflected in your Bitso account. However, it will now be held by NVIO, the first electronic payment funds institution in Mexico.
How do I deposit my pesos from NVIO to Bitso?
The Mexican peso funds you deposit through NVIO will automatically be reflected in your Bitso balance and vice versa. You don't need to do anything different than you do today. Remember that you will still be able to make Mexican peso deposits from your Bitso account once you agree to NVIO's Terms and Conditions and Privacy Notice.
Does this change mean that I will have to contact NVIO if I have a problem with my Mexican pesos?
The support channels will be the same, however there will be a specialized area that will provide NVIO users with all the support related to Mexican pesos.
Will NVIO issue invoices?
Yes, NVIO will be able to issue invoices corresponding to the commissions applicable to operations with pesos.
Where can I designate my beneficiaries? Can I do it from my Bitso or Nvio account or both?
You can designate your beneficiaries in any of your accounts, both in your Bitso account and your NVIO account. It's very simple: just go to the user profile panel, there you can find the option to designate or modify your beneficiaries. Remember that when you designate one or more beneficiaries you must assign them the corresponding percentage and that the beneficiaries you designate in the Bitso platform will be reflected in NVIO and vice versa. If you have more than one beneficiary whose percentages have not been assigned, they will be understood to be proportional shares.