KYC Policy

1. Introduction

This Know Your Customer (KYC) Policy outlines RizenX's commitment to verifying the identity of our users in compliance with Indian regulations while maintaining the highest standards of data security and privacy. All verification is performed internally by our trained compliance team using our secure platform.

2. Why We Require KYC

KYC verification is essential for:

• Regulatory Compliance: Meeting requirements under India's Prevention of Money Laundering Act (PMLA) and RBI guidelines
• Security: Protecting your account and preventing identity theft or fraud
• Platform Integrity: Ensuring a safe trading environment for all users
• Legal Protection: Enabling us to provide legal recourse in case of disputes
• Tax Compliance: Facilitating accurate TDS deduction and reporting as per Indian tax laws

3. In-House Verification Process

3.1 Why We Don't Use Third-Party Services

Unlike many platforms, RizenX does not outsource KYC verification to third-party services. We believe your sensitive documents should be handled with utmost care and security. Third-party services pose risks including:

• Potential data breaches or leaks from external vendors
• Lack of control over how your documents are stored and processed
• Multiple parties having access to your sensitive information
• Unclear data retention and deletion policies

3.2 Our Secure In-House Platform

All KYC documents are uploaded directly to our secure platform where:

• Documents are encrypted using 256-bit AES encryption during upload and at rest
• Only authorized compliance officers can access verification documents
• All access is logged and monitored for security audits
• Documents are stored in secure, India-based servers with restricted access
• Automated deletion after regulatory retention period (5 years)
• No external parties or third-party services have access to your documents

4. Required Documents

4.1 Proof of Identity (Any ONE of the following)

• Aadhaar Card: Government-issued unique identification (front and back)
• PAN Card: Permanent Account Number (required for tax compliance)
• Passport: Valid Indian passport (photo and address pages)
• Driving License: Valid driving license (front and back)
• Voter ID Card: Election Commission of India issued ID

4.2 Proof of Address (Required for PAN Card holders)

Any ONE of the following documents (not older than 3 months):

• Bank Statement: Recent bank statement showing your name and address
• Utility Bill: Electricity, water, or gas bill
• Telephone/Mobile Bill: Landline or postpaid mobile bill
• Aadhaar Card: Government-issued unique identification
• Passport: Can serve as both ID and address proof
• Driving License: Valid Indian driving license
• Rent Agreement: Registered rent agreement with recent receipts

Note: If you're using Passport or Driving License as your ID proof, you must provide a separate address proof document.

4.3 Selfie Verification

A live selfie is required to match against your photo ID. This uses facial recognition technology to verify that you are the person in the submitted documents. The selfie is:

• Captured directly in our app/website using your device camera
• Processed using our secure in-house facial recognition system
• Never shared with external facial recognition services
• Encrypted and stored securely with your other KYC documents

4.4 PAN Card (Mandatory for Indian Residents)

PAN (Permanent Account Number) is mandatory for all Indian residents as per tax regulations. This is used for:

• TDS (Tax Deducted at Source) compliance
• Annual tax reporting to Income Tax Department
• Verification of identity and tax status
• Transactions above specified thresholds

5. Verification Levels

5.1 Level 1 - Basic KYC

Required Documents:

• Email and phone number verification (OTP)
• PAN Card (mandatory for Indian tax compliance)
• Address proof document (bank statement, utility bill, Aadhaar, etc.)
• Selfie with PAN card
• Complete address details (city, state, pincode)

Transaction Limits:

• Deposit: Up to ₹2,00,000 per month
• Withdrawal: Up to ₹1,00,000 per day
• Trade all available cryptocurrencies

Processing Time: 24-48 hours (manual review by compliance team)

5.2 Level 2 - Enhanced KYC

Additional Requirements:

• Source of income declaration
• Additional address proof document (different from Level 1)
• Bank statement (last 3-6 months) to verify income source
• Employment/Business proof:
  • For Salaried: Latest salary slip or employment certificate
  • For Self-employed: ITR (Income Tax Returns) or GST registration
  • For Business: Business registration documents and financial statements
• Acknowledgment of enhanced compliance declarations

Transaction Limits:

• Deposit: Unlimited
• Withdrawal: Up to ₹10,00,000 per day
• Access to premium features and priority support

Processing Time: 48-72 hours (enhanced manual review)

Note: Level 2 verification is required for high-value transactions, institutional accounts, or users who wish to enjoy higher transaction limits and premium features.

6. Compliance Declarations

All users must agree to the following declarations during KYC submission:

6.1 Mandatory Declarations (All Levels)

• Identity Confirmation: I confirm that all information and documents provided are accurate, complete, and belong to me
• Legal Age: I confirm that I am at least 18 years of age and legally capable of entering into contracts
• Regulatory Compliance: I agree to comply with all applicable Indian laws, regulations, and RizenX's Terms of Service
• Tax Obligations: I understand that cryptocurrency transactions are subject to taxation in India and I am responsible for reporting and paying applicable taxes
• TDS Consent: I authorize RizenX to deduct Tax Deducted at Source (TDS) as per Indian tax laws
• No Money Laundering: I confirm that funds used on this platform are from legitimate sources and not connected to any illegal activities
• Risk Acknowledgment: I understand that cryptocurrency trading involves significant risk and I may lose some or all of my investment

6.2 Additional Declarations (Level 2)

• Source of Funds: I declare that the source of my funds is legitimate and I have provided accurate income verification documents
• High-Value Transaction Consent: I understand that transactions above certain thresholds may require additional verification and reporting to regulatory authorities
• Enhanced Due Diligence: I consent to enhanced monitoring of my account and transactions as part of Level 2 KYC
• PEP Declaration: I declare whether I am a Politically Exposed Person (PEP) or related to a PEP, and understand additional checks may apply
• Beneficial Ownership: I declare that I am the beneficial owner of the funds and not acting on behalf of any third party (unless authorized)

7. Source of Income Categories

For Level 2 KYC, you must declare your primary source of income from the following categories:

• Salary/Employment: Income from employment or professional services
• Business/Self-Employed: Income from business operations or freelancing
• Investments: Returns from stocks, mutual funds, or other investments
• Inheritance/Gift: Funds received through inheritance or as gifts
• Rental Income: Income from property rentals
• Retirement/Pension: Retirement benefits or pension income
• Savings: Personal savings accumulated over time
• Other: Other legitimate sources (requires detailed explanation)

Supporting documents must be provided to verify your declared source of income for Level 2 verification.

6. Verification Process

Step 1: Account Creation

Register with your email and phone number. Verify both via OTP (One-Time Password) sent to your registered email and mobile number.

Step 2: Choose Verification Level

Select the appropriate KYC level based on your trading needs:

• Level 1: For regular users with moderate transaction volumes
• Level 2: For high-value traders requiring higher limits

Step 3: Document Upload

Upload clear, readable copies of required documents through our secure platform:

• Documents should be in color (not black and white)
• All four corners of the document should be visible
• Text and photo should be clearly readable
• No glare or shadows obscuring information
• File formats accepted: JPG, PNG, PDF
• Maximum file size: 5MB per document

Step 4: Selfie Verification

Take a live selfie with your PAN card using your device camera:

• Ensure good lighting and clear visibility of your face
• Hold PAN card next to your face with details visible
• Remove sunglasses, hats, or face coverings
• Look directly at the camera
• Facial recognition system matches your selfie with PAN photo

Step 5: Compliance Declarations

Review and accept all mandatory declarations:

• Read each declaration carefully
• Check the boxes to confirm your agreement
• Ensure you understand all compliance requirements
• For Level 2: Complete additional enhanced declarations

Important: All declarations are legally binding. Providing false information may result in account suspension and legal action.

Step 6: Manual Review (24-72 hours)

Our in-house compliance team thoroughly reviews your documents:

• Document Verification: Compliance officer verifies authenticity, quality, and completeness of all documents
• Identity Matching: Verify that selfie matches PAN card photo and all details are consistent
• Security Screening: Cross-check against fraud databases and verify document authenticity
• AML Screening: Sanctions and PEP (Politically Exposed Person) checks as per regulations

Our compliance team manually reviews each application to ensure maximum accuracy and security. This process typically takes 24-48 hours.

Step 5: Approval or Clarification

• Approved: You'll receive email and SMS confirmation. Your account is activated for trading.
• Clarification Needed: We may request additional documents or clearer images.
• Rejected: If documents are invalid or suspicious, with reason provided.

7. Document Security and Privacy

7.1 How We Protect Your Documents

• Encryption: All documents encrypted with 256-bit AES during transmission and storage
• Access Control: Only authorized compliance officers with proper clearance can access documents
• Audit Logs: Every access to your documents is logged with timestamp and user ID
• Secure Servers: Documents stored in India-based, SOC 2 compliant data centers
• No Third Parties: We never share or provide your documents to external verification services
• Regular Audits: Independent security audits to ensure compliance with best practices

7.2 Data Retention

As per Indian regulations:

• KYC documents are retained for a minimum of 5 years after account closure as required by PMLA
• After the retention period, documents are securely deleted using certified data destruction methods
• You can request deletion after account closure, subject to regulatory retention requirements

8. Ongoing KYC Requirements

8.1 Periodic Review

We may periodically ask you to update your KYC information:

• Every 2 years for regular accounts
• Annually for high-value accounts (transactions > ₹10,00,000/year)
• When there are significant changes in your transaction patterns
• If your documents are expiring (e.g., passport, driving license)

8.2 Updates Required When

• You change your address
• You change your name (marriage, legal name change)
• Your identity documents expire
• You upgrade to enhanced KYC level

9. Special Cases

9.1 Non-Resident Indians (NRI)

NRIs must provide:

• Valid Indian passport
• PAN Card (if available) or Form 60 declaration
• Proof of overseas address (utility bill, bank statement)
• Visa or residence permit of current country
• Additional verification may be required

9.2 Business/Corporate Accounts

Corporate entities must provide:

• Certificate of Incorporation
• PAN Card of the company
• Board resolution authorizing crypto trading
• KYC documents of authorized signatories
• GST registration certificate (if applicable)
• Company bank account proof

9.3 Politically Exposed Persons (PEP)

If you are a PEP (current or former government official, politician, senior executive of state-owned enterprises), enhanced due diligence is required:

• Additional source of wealth declaration
• Enhanced monitoring of transactions
• Senior compliance officer approval required
• More frequent KYC reviews

10. Common Rejection Reasons

Your KYC may be rejected if:

• Documents are blurry, cut off, or unreadable
• Documents are expired or invalid
• Selfie does not match photo ID
• Information provided does not match across documents
• Documents appear to be tampered or forged
• You are under 18 years of age
• You appear on sanctions lists or adverse media
• You are from a restricted jurisdiction

11. Your Rights

You have the right to:

• Access: Request copies of your KYC documents stored with us
• Correction: Update or correct any information that is inaccurate
• Explanation: Request reason for KYC rejection with specific details
• Appeal: Appeal a KYC rejection decision by providing additional documentation
• Deletion: Request deletion after account closure (subject to 5-year retention requirement)
• Privacy: Know how your documents are used, stored, and protected

12. Compliance and Legal Framework

Our KYC policy complies with:

• Prevention of Money Laundering Act (PMLA), 2002
• Prevention of Money Laundering (Maintenance of Records) Rules, 2005
• Reserve Bank of India (RBI) Master Directions on KYC
• Income Tax Act, 1961 (for PAN requirements)
• Information Technology Act, 2000 (for digital documents)
• Personal Data Protection Bill (data privacy)

13. Consequences of Non-Compliance

Failure to complete KYC verification will result in:

• Inability to deposit funds or trade cryptocurrencies
• Restricted access to platform features
• Account suspension until KYC is completed
• Potential account closure if KYC is not completed within 30 days

14. Contact KYC Support

For KYC-related queries or issues:

Email: kyc@
KYC Support: support@
Address: RizenX Technologies Pvt. Ltd., WeWork Galaxy, 43 Residency Road, Bangalore, Karnataka 560025, India

Processing Times:

• KYC Verification: 24-48 hours (manual review by compliance team)
• Document clarification: 1-2 business days
• Resubmission after rejection: 24-48 hours

Processing times may be longer during high volume periods or weekends/holidays. You will receive email and SMS notification once your verification is complete.