Kraken corporate account and business account: Business accounts in Kraken Exchange have more advantages and less restrictions than regular accounts, but there are still some limitations to these Kraken trading accounts that in this article in shetcoiner website, we are trying to talk about Kraken business account’s limitations and its verifications and KYC and teach them to you. You can also refer to How to transfer from Kraken to Binance and Kraken to Metamask? or about How to deposit funds into Kraken? and other articles.
Kraken company account’s limitations
Kraken business Account Limitations If you want to trade on behalf of a business or corporation, it is much less than the regular Kraken account, and you can use them with Pro account. In this case, a trading account with the limitations of a trading account will also enjoy the following benefits:
- Personalized deposit & withdrawal limits
- Access to Kraken’s Over-The-Counter (OTC) Trading Desk
- Higher margin allowance limits, if you are eligible to trade margin
- Higher API limits
Kraken KYC authentication for corporate account
According to the announcements of the Kraken site in this regard:
The information we are requesting certification on is a regulatory requirement to utilize the services/platform we provide. We are aware of the impact this request has on you, our valued client, and this has been designed to be as streamlined as possible while meeting the requirements to provide you the greatest access to products and services possible.
The KYC Update form requests all information pertaining to this requirement. Please fill out the form as soon as possible.
According to the Kraken Exchange, this information about you and any sensitive information you provide is, as always, securely stored in Kraken.
Exemption criteria
Based on the information provided by Kraken, your company will be exempt from providing information if it meets any of the following criteria, but you must still complete the first fill 5 sections of the form through the section asking about the exemption criteria.
Terms and criteria of exemption from providing information:
- Sole proprietorship;
- Unincorporated association or non-profit (e.g. youth sports league, girl/boy scout troops, etc.)
- Registered with the SEC;
- Registered with the FTC;
- Public accounting firm under section 102 of the Sarbanes-Oxley Act;
- A trust that has not been formed by a U.S. State filing;
- Registered public accounting firm;
- Publicly traded company on the New York, American or Nasdaq Stock Exchanges. This includes any company majority owned (51% or greater) by the publicly traded entity;
- S. Federal or State regulated financial institution;
- Non-US financial institutions established in jurisdictions where the regulators maintain beneficial ownership information on such institutions;
- S. State registered insurance company;
- S. State government entity;
- S. Federal or State government department or agency including any political subdivision;
- Financial market utility designated by the Financial Stability Oversight Council under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010;
- Non-U.S. government department, agency and political subdivision engaged in governmental rather than commercial activities;
- Pooled investment vehicle operated or advised by a regulated financial institution;
- A U.S. estate which exists without a Secretary of State or equivalent filing;
- S. State regulated insurance company;
- A Singapore entity listed as a public company on the Singapore Exchange;
- An EU company listed on an EEA regulated market
Needed information
Kraken business account: If you have read the list above and are not exempt, you should prepare the following information based on the Kraken Declarations:
For any individuals that own 25% or more equity interest or shares of the corporate entity: Full name, date of birth, ID number (e.g. SSN or tax ID number), residential address, nationality, photo or certified copy of government ID, ownership percentage and role in company.
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For any individuals that maintain significant managerial control over the corporate entity (CEO, CFO, Owner, or equivalent position): Full name, date of birth, ID number (e.g. SSN or tax ID number), residential address, nationality, photo or certified copy of government ID, role in company.
If your corporate entity is owned by another corporate entity please detail the entity and ownership percentage: Corporate entity name, ownership percentage, identify owners of the corporate entity (as in 1 above).
Conclusion
In this article on shetcoiner we talked about Kraken business account, Kraken corporate account, Kraken KYC and other related topics. If you’re intereted, you can also refer to our other articles such as: How to transfer from Kraken to Binance and Kraken to Metamask? or about How to deposit funds into Kraken? and more.
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