In an initial conversation with the Seller/Buyer or the mandate, we provide you with an overview of the transaction process and detail the steps in the procedure to secure a deal. We provide Strategic Partner options, the trade amount, and all required KYC and  AML verifications. Prior to the engagement of our legal counsel Orrick, Herrington & Sutcliffe (OHS), you are required to agreeing to to cover all legal costs in relation to the engagement of OHS in the event of the following:

1. Seller/Buyer doesn’t have the purported assets/funds

2. Seller/Buyer mandate is not the legal mandate to the Seller/Buyer

We contact the Seller/Buyer or their mandate on your behalf and in collaboration with OHS as agreed upon in Step 2. The NCNDA, fee agreements, and selling/buying mandate or broker contract between the client and us is set up. The agreement is signed by both parties.

The Seller/Buyer is required to provide a Letter of Intent (LOI) that states their ability to initiate the OTC transaction, the value amount and trade requirements. Upon receipt of the LOI, we confirm the OTC deal request and confirm our client’s ability to match the deal, TWAP transaction or mix following what was discussed in the initial conversation.

We employ the most stringent privacy policy in dealing with Proof of Funds (POF) and Proof of Assets (POA). This information remains confidential throughout the entire transaction cycle. To ensure the privacy of the POF/POA, we provide through proofs through our legal counsel upon request.

Permissible POF and POA are:

POF – MT199 from Buyer’s bank.
POA – Signed Message on the Seller’s wallet or Satoshi test to given wallet.

Now, the agreement is drawn up based on the agreed upon terms – the deal agreement is legally binding. It includes the following:

• Price and/or reference source: Parties select the preferred index price point or specify their preferred index
• Date and time: Parties select a desired time of execution
• Commissions for intermediaries: Parties outline the terms of compensation for any intermediaries, introducers, and agents prior to executing the deal. Compensation of any party who is not included in the contract is not our responsibility.
• Premiums, discounts and other requests: Any differences in the pricing, such as premiums and discounts, are to be communicated and included in the contract.

Corporate requirements:

• Certified passport copies of all signatories, beneficial owners and authorised Traders
• Proof of address which can be a utility bill, bank statement, or any verifiable document that contains the company’s name and address
• Excerpt from the Company Register
• Corporate bylaws
• Share registry showing the ownership of the company unless you are a publicly listed company
• Entity type
• Expected AuM and the origin of the AuMs
• Industry
• Is the company connected to high risk business or sectors? If yes, please specify.
• Is the company active in high risk countries? If yes, in which countries?
• Company profile – please include website, organizational chart, ownership structure, management/directors, business description
• Representatives of the company (name, nationality, date of birth, company role, phone number and email)
• Annual report/company profile, please attach available and relevant documents

Private client requirements:

• Certified passport copies of all signatories, beneficial owners as well as authorised traders
• Proof of address which can be a Utility Bill, Bank Statement, or any verifiable document that contains the company’s name and address
• Completed and signed onboarding documents for individuals
• Summary of source of funds
• In-person meeting

In the final step of the transaction the Seller/Buyer is onboarded as a client. The required information must be submitted directly or through our legal counsel.

Buyer Onboarding Process:

The Company/Individual provides all information required to onboard as a client; this is part of the KYC process.

Full documentation regarding the origin of the funds must be provided. The information will be reviewed by our compliance team in accordance with AML rules and guidelines.

The initiating and contracting party is screened against PEP and Sanctions list to determine their risk parameter.

Seller Onboarding Process:

The Company/Individual provides all information required to onboard as a client; this is part of the KYC process.

The party will be asked to provide proof of origin of the crypto assets, and an evaluation conducted regarding the legitimacy of the funds.

All wallet addresses involved will be screened employing our blockchain analysis systems for exposure to tainted sources.

Upon completion, the trade is confirmed and completed.