What is KYB?

KYB (Know Your Business) guidelines for financial services require that professionals make an effort to verify the identity, suitability and risks involved, in order to minimize the risk to the respective account.

Why is KYB required?

KYB is necessary to improve security compliance for all Cryptonix customers. Cryptonix uses KYB to identify customers and analyze their risk profiles. This verification helps stop money laundering and financing of illicit activities.

How to Submit? 

You have to fill our online application form here and wait for direct contact until we reach out to you.

KYB Verification

For the KYB verification, we use the Sumsub system. Please click the provided link to follow the instructions and upload the required documents. Should you have any questions, feel free to reach out compliance@cryptonix.com, we're happy to assist you throughout the process. 

What documents are needed to complete the KYB Verification?

1. Certificate of incorporation - legal proof of registration;
2. Proof of Incorporation - extract from the relevant Companies Register;
3. Articles, constitution or memorandum of association - information on the customer's structure, ownership, and purpose;
4. Proof of adress - any document within 3 months (rental agreement, utility bill etc.);
5. Licenses / Authorizations (Optional) - if the customer is a regulated financial service provider;
6. Latest register of members - extract from the relevant Companies Register;
7. Latest register of directors - extract from the relevant Companies Register;
8. Information of the Ultimate Beneficial Owner (UBO) owning 25% or more interest in the company (passport / ID and  proof of address within 3 months). Another verification link will be generated separately via email for the UBOs to verify the identity; 
9. Passport / ID and proof of residency of all the directors (passport / ID and proof of address within three months) if different from the UBO;
10. Information of Person Managing Account (passport / ID, and proof of address within 3 months) if different from the UBO;
11. Power of Attorney – In case the applicant is not a director or shareholder;
12. Source of Funds and Wealth - documentation explaining the origin of the entity’s capital and ongoing funding sources (e.g., audited reports, bank statements, property sale agreements);
13. Organization Chart - information on the ownership and control structure if the customer is part of a larger group.

How should I contact customer support if I have questions that need to be clarified before submitting the documents?

You may write to us at compliance@cryptonix.com and we will assist with your inquiry as soon as possible. Alternatively, you may also reach out to our 24/7 live chat support.

How will the company and individual information submitted be used?

The information you submit will be used to verify the identity of the company and individual(s). We will keep company and individual documents confidential.

What kind of Proof of Identity documents are accepted?

We only accepts documents issued by your country of origin which contain the following information: photo, name, date of birth, document number, date of issue. These include passport, identity card, residence permit and driving license. Student Visa, Working Visa or Travel Visa are not accepted.

What kind of Proof of Address documents are accepted?

Proof of Address must be dated within the last 3 (three) months. Documents older than 3 (three) months will be rejected.

The Proof of address documents accepted by Cryptonix include:

1. Utility bills;
2. Official bank statements;
3. Residential proof issued by government;
4. Internet / cable TV / house phone line bills;
5. Tax returns;
6. Council tax bills;
7. Government-issued certificates of residence, etc.;

We do not accept the following types of documents as Proof of Address:

1. Domestic Passport;
2. Mobile phone statement;
3. Insurance document;
4. Medical bills;
5. Bank transaction slips;
6. Bank or company referral letter;
7. Handwritten invoice / receipt for purchases;
8. Border passes;

What should I do if the verification link does not work and I cannot submit the identity documents to complete the KYB verification?

If you encounter any issue with the verification link generated via email, please let us know via email compliance@cryptonix.com  by replying to the ongoing email thread with the screenshot of the error messages.

Do Service Restricted Country prohibitions only apply to the Company's registered address?

No. Service Restricted Country proscriptions apply not only to the entity's registered country but also the nationality or residency of UBO. The verification result may vary, depending on the nature of the institution as well as the shareholding structure. Cryptonix reserves the right to make the final decision on verification approval.  

How long does the business KYB verification process take?

Generally, the KYB verification process takes approximately 5-7 business days. Due to the complexity of information verification, the KYB verification may take longer.

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