What are the requirements to qualify for a BitPrime OTC account?

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Opening a Professional Investor Account

BitPrime OTC is a digital asset trading platform for Professional Traders and High Net-Worth Clients. Deposits from $50k – $500k with trades of up to $30mil (by prior arrangement) are accepted.

To create an investor account of the BitPrime OTC platform requires the provision of documentation verifying where the money and/or crypto has come from to buy or sell.  This enhanced verification process is to comply with current AML/CFT regulations in New Zealand.

Documentation Required

Once you apply, you will receive an email detailing requirements for the platform but here is some information to help you prepare.

Based on  AML/CFT legislation, we are required to receive JP/solicitor/accountant certified copies in addition to scanned copies of your documents. This rule has no exceptions.

Here is the list of acceptable documents:

  • Government-issued or registered documents or data
  • Full bank and other investment statements
  • Full payslip or wage slip or other documents confirming salary
  • GST number and IRD statement of earnings from the most recent year (for sole traders)
  • Inheritance (stamped grant of probate, stamped grant of letters of administration)
  • Audited financial accounts from a chartered accountant or Charities Services
  • Letter from an agent of the customer confirming they have knowledge of and established business relationships with the customer
  • A copy of a will
  • Sales and purchase agreements
  • Other documents as agreed with BitPrime

Documentation Specific to Selling Crypto on the BitPrime OTC Desk

You need to provide proof of your wealth/funds for sell orders if the cryptocurrency you are selling was acquired from outside of BitPrime. If you purchased your cryptocurrency from us, we would check its source from your transaction history.

If you purchased crypto from other providers, we need to receive the following (any applicable information you have):

  • Purchase receipt from an exchange or broker
  • Mining contracts
  • Transaction IDs (TXID)
  • Wallet addresses
  • Trading history from an exchange
  • Tax returns showing cryptocurrency assets

Please Note

Regardless of your account transaction limits, BitPrime monitors all transactions to ensure that we’re complying with the AML/CFT Act 2009 at all times.

Please don’t be offended if we request additional information regarding a transaction; we’re complying with our statutory requirements as a responsible financial services provider.

If you have any questions regarding verification or purchasing limits, please contact us.

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