KYC Policy – CoinXpe
Know Your Customer (KYC) Policy - CoinXpe
This Know Your Customer (“KYC Policy”) outlines the procedures adopted by SUPERMINT INFOTECH PRIVATE LIMITED (“Company”, “CoinXpe”, “we”, or “us”) to verify the identity of users and to comply with applicable laws including the Prevention of Money Laundering Act, 2002 (PMLA), related rules, and FIU-IND guidelines for Virtual Digital Asset Service Providers (VDA-SPs).
1. Objective of the KYC Policy
The objectives of this Policy are to:
- Establish and verify the identity of users
- Prevent impersonation, fraud, money laundering, and terrorist financing
- Enable risk-based monitoring of transactions
- Ensure regulatory compliance with FIU-IND and banking partners
No user is permitted to access CoinXpe’s regulated services without completing the prescribed KYC.
2. Applicability
This Policy applies to:
- All individual users accessing CoinXpe services
- All INR on-ramp, off-ramp, wallet.
- All employees and compliance personnel involved in onboarding
3. Documents Required for KYC
CoinXpe follows a tiered KYC structure based on regulatory and risk requirements.
3.1 Mandatory Documents (Standard KYC)
Users may be required to submit one or more of the following:
Identity Proof
- PAN Card (mandatory)
Address Proof :
- Aadhaar (through Digilocker)
Bank Verification
- Bank account number
- IFSC code
- Account holder name
- Upload Bank Statement (last 1 year) & account must have consistency of transaction (In & Out)
Liveness & Identity Confirmation
- Liveness selfie
3.2 Enhanced Due Diligence (EDD) Documents
For high-risk users or transactions, CoinXpe may request:
- Source of funds declaration
- Source of wealth explanation
- Additional identity or address proof
- Business or income-related documents
Submission of EDD documents is mandatory when requested.
4. KYC Verification Flow
CoinXpe follows a structured verification process:
- User Registration
- Mobile number and email verification
- Submission of KYC Documents
- Upload of identity, address, and bank details
- Live selfie / liveness capture
- Upload Bank Statement (last 1 year)
- Automated Verification
- PAN validation
- Document authenticity checks
- Facial match and liveness checks
- Manual Review (if required)
- Compliance team review
- Risk profiling
- Approval / Rejection
- User is notified of KYC status
- Services are enabled only after approval
CoinXpe reserves the right to reject KYC if documents are unclear, invalid, forged, or inconsistent.
5. Risk-Based User Categorization
Based on KYC data and transaction behaviour, users may be categorized as:
- Low Risk
- Medium Risk
- High Risk (including PEPs and high-value users)
Additional verification and monitoring apply to higher-risk categories.
6. Re-KYC & Periodic Updation
6.1 Re-KYC Triggers
Users may be required to complete Re-KYC in the following cases:
- Change in personal details (name, address, bank account)
- Expiry of submitted documents
- Significant increase in transaction volume
- Detection of abnormal or suspicious activity
- Regulatory or FIU-IND directives
6.2 Failure to Complete Re-KYC
If Re-KYC is not completed within the specified timeframe:
- Account functionality may be restricted
- Deposits & Withdrawals may be blocked
7. Consequences of Non-Compliance
Non-compliance with KYC requirements may result in one or more of the following actions:
- Restriction of deposits or withdrawals
- Freezing of wallet balances
- Termination of account
- Reporting to FIU-IND or law enforcement authorities
CoinXpe may take such actions without prior notice where required by law or regulatory obligations.
8. Record Retention
In accordance with PMLA:
- KYC records and verification data are retained for a minimum of 5–10 years after cessation of the business relationship.
- Records are securely stored and made available to authorities upon lawful request.
9. Data Privacy & Security
- KYC data is handled in accordance with CoinXpe’s Privacy Policy.
- Access to sensitive information is strictly restricted.
- Industry-standard security controls are implemented to prevent unauthorized access.
10. Regulatory Cooperation
CoinXpe fully cooperates with:
KYC data may be shared where legally mandated.
11. Policy Review & Updates
This KYC Policy is reviewed periodically and updated to reflect:
- Changes in law or regulation
- FIU-IND advisories
- Risk assessment outcomes
Revisions are effective upon publication on the CoinXpe website.
12. Contact – KYC / Compliance Team
For KYC-related queries or clarifications:
Compliance / KYC / PO Officer
Mr. Asif Khan
SUPERMINT INFOTECH PRIVATE LIMITED
Email: compliance@supermintinfotech.com