Your Guide to Identity Verification at Blacksheep

When you sign up with Blacksheep, you'll need to complete identity verification. This process might seem like an extra step, but there are important reasons why we require it.

Let's walk through everything you need to know about KYC (Know Your Customer) and KYB (Know Your Business) verification.

What is KYC and KYB?

KYC stands for Know Your Customer. This is a standard process where we verify your identity before you can use our platform. For businesses, we use KYB (Know Your Business), which involves verifying your company's details and the people behind it.

Think of it like opening a bank account. Just as banks need to confirm who you are, crypto exchanges like Blacksheep have the same requirement.

Why Do We Need to Verify Your Identity?

We're required by law to verify all users under anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. As a registered Digital Currency Exchange in Australia, we report to AUSTRAC and must follow these requirements.

Beyond legal compliance, verification helps us:

• Keep your account secure
• Protect against fraudulent activity
• Maintain a safe platform for all users
• Build trust within the crypto ecosystem

What Happens If You Don't Complete Verification?

Without completing KYC or KYB, you won't be able to:

• Create an account
• Make deposits
• Process withdrawals

This applies to all users to ensure our platform remains compliant with AUSTRAC requirements.

The KYC Process for Individuals

What Documents Do You Need?

For individual verification, you'll need:

Primary identification: A valid government-issued photo ID such as:

• Passport
• Driver's license
• Residence permit

Your document must be current (not expired) and clearly show your name, date of birth, and photo.

Proof of address: We may also ask for a recent utility bill or credit card statement to verify your residential address.

How Long Does KYC Take?

Most individual verifications complete within minutes. However, if we need to conduct additional checks, the process can take up to 24-48 hours. We'll send you a notification as soon as your verification is complete.

Why Might Verification Be Rejected?

Common reasons for rejection include:

• Blurry or unclear document images
• Expired identification documents
• Information that doesn't match between documents
• Poor image quality that makes text unreadable

Don't worry if this happens. We'll always explain the specific reason so you can resubmit successfully.

The KYB Process for Businesses

Business verification involves more steps and documentation, but we've streamlined the process as much as possible.

Required Documents for KYB

To complete business verification, you'll need:

1. Business details - General information about your company operations
2. Certificate of Registration or Incorporation - Issued by ASIC or the relevant foreign registration body
3. ASIC Company Extract - Must be dated within the last 90 days, or you can provide a Register of Members showing current director and beneficial owner details
4. Proof of business address - A recent document like a utility bill, bank statement, or lease agreement (within 90 days)

Depending on your specific situation, we might request additional documentation.

The KYB Verification Steps

1. Initial inquiry - You express interest in business services
2. Document submission - We send you a KYB form to complete with the required documents
3. Beneficial owner verification - Once we identify beneficial owners from your documents, we send Sumsub verification links for each person. This includes providing photo ID, facial recognition, and recent proof of address
4. Review process - Our compliance team reviews everything and may request additional information
5. Final decision - We'll notify you whether your application is approved, needs more information, or has been rejected

Timeline for KYB

Business verification typically takes 1-5 business days, depending on how quickly you provide the requested information and documents.

Protecting Your Information

We understand that sharing personal and business information requires trust. Your data security is a top priority for us.

We use industry-standard encryption and data protection measures to store your information securely. Your data is only used for compliance purposes and will never be shared with third parties without your consent. You can review our complete privacy policy at blacksheep.money/privacy-policy.

Common Questions About Source of Funds

You might wonder why we ask about your source of funds or wealth. This is a standard part of our compliance process that helps us verify the legitimacy of funds entering our platform. These questions assist us in fulfilling our regulatory obligations and maintaining the integrity of our service.

Already Verified? Why We Might Ask Again

If you've previously completed verification, we might occasionally ask you to update your information. This typically happens when:

• Your identification document has expired
• We need more current information to maintain compliance
• Regulatory requirements have changed

This helps us keep Blacksheep and all our users safe, protected, and compliant with current regulations.

Getting Help

If you have questions during the verification process or encounter any issues, our support team is here to help. We understand that providing documentation can sometimes be complex, especially for businesses with unique structures.

Remember, completing verification is a one-time process that opens the door to accessing our full range of services. While it might seem like an extra step, this verification process is what allows us to provide you with secure, compliant access to crypto markets.

The verification process reflects our commitment to building a trustworthy platform where you can confidently manage your crypto transactions while meeting all regulatory requirements.

‍