Xpesa Ltd. ("Xpesa") is a company duly incorporated under the laws of Malta and runs a completely transparent and legal virtual currencies trading platform. Xpesa intends to encourage the use of Virtual Currencies among the community and make it easier to trade and exchange.Gimibits is a brand of Xpesa and is wholly owned by Xpesa.
To that effect Xpesa realizes that there may be some stigma attached to Virtual Currencies due to the ease with which individuals may be able to conduct and complete virtual currencies transactions anonymously. In an effort to remove this stigma, Xpesa intends to follow this entirely voluntary Know Your Customer ("KYC") and/or Anti Fraud rules and regulations, in an effort to ensure that Xpesa's services are not used for any illegal activities.
As per the Government of Malta Officially Valid Documents required for KYC Direction are listed below as follows:
Xpesa believes in total transparency and adherence to the law and discourages any of illegal activities while using Xpesa's services. In order to discourage and prevent any person from indulging in illegal activities using its services, Xpesa has made the KYC Policy purely as a measure of prudence and on an entirely voluntary basis.
In order to ensure that Xpesa's services are not utilized by unwanted and illegal elements to further their illegal motives, Xpesa intends to follow a holistic Due Diligence Policy which entails the following:
The Due Diligence Policy involves the following three specific parameters:
The objective of the Customer Identification Policy is to have a mechanism in place to establish identity of the client along with firm proof of address to prevent opening of any account which is fictitious / benami / anonymous in nature.
Proof of Identity: All customers shall have to provide scanned copies of atleast one of the documents below as proof of identity. Xpesa shall accept the following documents as proof of identity:
Proof of Address: All customers shall have to provide scanned copies of atleast one of the documents below as proof of address. Xpesa shall accept the following documents as proof of address:
One to One Interaction: Xpesa has no mandatory policy of meeting the clients individually. However, Xpesa will be enabling customers to submit their documents in person during meet-ups and/or workshops held across the country which would allows for another level of direct KYC verification.
Authenticity Check: Xpesa may, and shall be under no obligation to, check that the documents provided by the customers as proof of identity and proof of address are authentic by cross checking them against freely available public databases.
General Conditions: While providing documents to fulfill the User Identification Policy, customers should keep in mind the following:
Termination of Account: In case Xpesa finds or is suspicious that any customer is in violation of the conditions prescribed in this Know Your Customer and Anti Fraud Policy, Xpesa shall be fully entitled to terminate the account of such customer and prevent such customer from undertaking any further activities on any of Xpesa's platforms, existing or in future.
In case of Users who have bank accounts in Select Partner Banks, Xpesa provides for a special waiver from the Customer Identification Policy, provided that such customers link their existing Bank Accounts to their Xpesa Accounts via the appropriate link. Once the existing Bank Accounts are linked to the Xpesa Account the User can trade on the Trade Engine upto a certain limit as may be prescribed by Xpesa. In case of Users of any other Bank Accounts or trading beyond the prescribed limits, the Users will have to provide KYC documents as per the customer identification rules and regulations.
This policy would be reviewed as per the sole discretion of Xpesa in line with review requirements of Xpesa but not later than once a year.