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This article answers common questions about entity verification on XT, including how it works and benefits it provides.
1. What is Entity Verification?
Entity Verification is an essential part of the KYB (Know Your Business) process on XT, aimed at verifying business and institutional accounts. This process helps XT accurately assess compliance risks and maintain a secure and trustworthy trading environment for all users.
2. What is the purpose of Entity Verification?
By completing Entity Verification, XT protects against fraud, money laundering, and other illicit activities. It ensures businesses meet regulatory requirements, mitigates risks, and supports effective risk management. Through robust Entity Verification procedures, XT enhances transparency, trust, and security across its platform.
3. What documents are required for Entity Verification?
- Board Meeting Documents Official records of company board meetings, demonstrating decisions made by the company’s governing body. Company stamps and signatures are required.
- Company Bylaws or Operating Rules The internal rules and regulations that govern the company’s operations and management structure.
- Company Registration Certificate An official certificate issued by the government confirming the legal registration of the company.
- Shareholders’ Register Copy A document listing all shareholders, showing their ownership stakes in the company.
- Directors’ Register Copy A record of all current directors responsible for managing the company.
- Identification Documents (Passport Only) for Directors, Authorized Representatives, Management Personnel, and Ultimate Beneficial Owners (UBOs) Holding 25% or More Valid passports to verify the identity of key individuals involved in the company, including those who hold significant ownership (25% or more).
- Company Structure Chart Showing All Ultimate Beneficial Owners An organizational diagram outlining the company’s ownership structure, clearly identifying individuals who ultimately own or control the business.
- Screenshot of Company Registration Information from the Official Government Website (Including the Date of Inquiry) A recent, dated screenshot from the government database that publicly displays the company’s registration details, used to verify current status.
4. Are scanned copies of documents acceptable?
Yes, high-quality scanned copies are generally acceptable. Ensure that all information is clear and legible.
5. Can I use my registered agent's address as the business address?
No, you should provide the actual operating address of your business.
6. What if I operate my business remotely from home?
If the business is operated from home, you will need to fill in the residential address where the business is operated as the office address.
7. What documentation is required if there was a name change of the entity?
If your business has undergone a name change, please provide a Certificate of Change of Name showing the original name, the new name, and the date of the change. Kindly send this information and the document to our support team at support@xt.com for further assistance.
8. Why can’t I find my country in the country list?
XT currently does not support users from certain countries and regions due to regulatory restrictions. If your country is not listed, it means our services are not available in your location.
9. How long does the entity verification process take?
You will receive a notification via email and/or site messages once your verification is completed. Processing typically takes up to 7 business days.
10. How do I check the status of my entity verification application?
Log in to your XT account, navigate to the [KYC Verification] page, and check the current status.
11. What should I do if my entity verification application takes longer than expected?
If your entity verification takes longer than 7 business days, contact XT Support and provide your User ID (UID). Inform the support team about the delay, and they will assist you in resolving the issue promptly.
12. Can I update my application after submission?
Once your application is in [Reviewing] status, you will no longer be able to update the application. If you need to submit additional documents or information, please contact our support team at support@xt.com.
13. What happens if my entity verification application is rejected?
Review the rejection reason, correct the issue, and resubmit your verification. If you are unsure about the reason or how to proceed, please contact XT Support for assistance.
14. Who should I contact if I encounter any issues or questions?
For assistance, contact our support team at support@xt.com.