How to open corporate account on crypto-exchange?
Whether you just want to invest your corporate funds into new asset class or your business model requires access to large volumes of digital assets, in any case you should consider opening an institutional account on a reliable crypto-exchange to achieve your goals. Below we provide guidance on how to do it and to what you should pay attention during the process.
6 things you should consider when opening a corporate account on crypto-exchange
In order to open the corporate account you should contact the support center of the exchange and provide requested documents. However, before doing that it is recommended to consider the following:
Business model
You should be able to clearly explain your business model and what role the exchange is going to play in the process. Have an estimate of anticipated volume and number of transactions per month.
Company
Be ready to provide documents on your company, such as Articles of Association, bylaws, proof of address, licenses, etc. Some exchanges may request scan copies certified by public notaries.
Beneficial owners
Exchanges usually require to disclose information about beneficial owners, shareholders, executive management and affiliated companies. Be ready to provide ID documents and proof of address on each person.
AML compliance
Due to very strict AML regulation, exchanges almost always ask to provide your internal AML policy. You should be able to explain how you conduct KYC of your customers, how risk-based approach is applied and what are the duties of your AML officer.
Bank account
Since very few banks allow transactions with crypto-exchanges, you should learn the position of your bank about sending & receiving fiat currency to / from a crypto-exchange. No-one wants to have their bank account frozen.
Responsible person
Even though it is a straightforward process, the communication with exchanges takes some time and requires certain expertise. Consider appointing a person responsible for onboarding with exchanges who understands the specifics and can make good first impression.
We are always happy to help
We address any question about the onboarding process and help you open accounts in a smooth way.
1
Initial Assessment
At first, we analyze your business model, collect all necessary documents, identify weak spots in your profile and improve them.
2
Communication with exchanges
We start the onboarding process by contacting the appropriate exchanges and providing necessary documents and information.
3
Follow-up and final decision
Then, we respond to follow-up questions that exchanges have regarding your profile and learn whether any exchange is ready to open an account.
4
Maintenance
After the account is opened, it is necessary to keep exchanges updated about any changes in your business. Proactive and transparent communication is the best way to prevent deactivation of your account.
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ILDAR SHAKIROV
Co-founder and Partner at TX Advisory
Ildar is an experienced legal counsel for FinTech and Blockchain companies. Ildar helped our clients structure token offerings and crowdfunding rounds, assisted with making crypto-related investments, establised asset management companies and opened accounts at crypto-friendly banks and crypto-exchanges. Ildar has deep understating of international financial landscape and IT industry trends. Former CLO at cryptocurrency hedge fund. Former PwC tax consultant.
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