If you are a business owner who wants to use Swapin products for buying, selling or paying with crypto, as well as other Swapin solutions, you must sign up as a business to the Swapin App and complete your account verification (KYB = Know Your Business). KYB procedures are essential to ensure that businesses engaged in crypto-related activities comply with legal and regulatory requirements. KYB involves the collection and verification of documents and information related to a business, including its registration details, ownership structure, and the nature of its operations. This process ensures that businesses using cryptocurrencies within Swapin services are operating transparently and in compliance with the law.
1. Go to the Swapin App and click on Sign Up. Click on the Business section on the right, fill in your company name and legal form, email and password, read and accept our Terms of Service, and proceed with the instructions to confirm your e-mail.
2. Next, add your company details as per the registration documents - company name, legal form, registration number, company contact details, VAT number (if liable), and level of verification and limits you want for your business account.
3. Next, it’s mandatory to upload the document for proof of incorporation. It can be:
Certificate of Incorporation (also known as business registration document/certificate).
Registry Card of the Company (article of association, AOA, also known as constitution, memorandum, articles of incorporation).
4. In the “Activity” section, we require relevant information about the company's activities, such as the main activity and country of main clients, purpose of using Swapin, experience with cryptocurrencies, and more. If your company requires a licence for operating, you need to upload it as well.
5. In the “Identity” section, provide the details of the person who represents the company, including their name, birth country, citizenship, country of residence, address, and the basis for representation - if it’s by power of attorney, then also upload a document proving it.
Next, complete the identity verification:
If you’re on the desktop version, you can choose either to scan QR code or receive a link to your phone via SMS.
Once you open the link, you’ll be guided to take a photo of your ID document issued by the government, then a selfie, and they’ll be processed. In a few moments, you’ll receive a “Thank you” message and you can close the window.
Once back on the Swapin app on the browser, in only about 2 minutes or less, you’ll see a confirmation “Your identity is verified”. Click Continue.
Complete the steps from your phone - first take a photo of the front and back sides of your ID card or passport. Then a selfie of yourself (make sure you are in a well lit area). Once it’s done, you will receive a message saying “Thank you”. This process only takes a few minutes.
6. Once your identity is verified, you move on to the “Owners & UBOs” section. There, provide the necessary information about shareholders and the ultimate beneficial owners of the company. That information includes full name, date of birth, permanent residence, and % of shares.
For each UBO (ultimate beneficial owner who maintains more than 25% of company shares), you also need to upload the front and back side of their passport or ID card (copy or photo).
*If you selected Level 2 (unlimited transaction volume) for verification at the beginning of the process, you also have an additional step here - to provide information on the company's source of funds. This can be for example revenue from goods sales, interest revenue, revenue from service fees, lease financing, loan from a bank, debentures, revenue from trading of the cryptocurrencies, and more.
In this example, we have chosen revenue from goods sales, for which you can upload either:
A bank statement from the previous 6 months or latest financial report.
Your transaction history from the previous 6 months displaying profits.
All source of funds documents must be issued within the last 6 months.
7. Lastly, you move to the final step where you need to check the boxes that confirm you have provided the correct information and agree to our Terms & Conditions of Use. Then click “Submit for review”.
8. After submitting all the requested documents, we will review your documents. This can take approximately 1-3 business days. All the documents will be processed according to the local Estonian laws.
9. Once everything is reviewed by our team and no further clarifying information is necessary, you will see a message “Verified”.
10. That’s it! You have now completed the KYB process.