We require all Xago customers to comply with the Financial Intelligence Centre Act (FICA) in order for us to maintain strict Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.
There is currently no regulation in South Africa regarding cryptocurrencies. Xago adheres to generally accepted South African compliance standards.
We use a third-party service provider named DocFox to ensure that we comply with FICA through automatic sanctions screening and risk rating.
Upon signing up for a Xago account you are able to immediately store, send and receive XRP. In order for you to buy and sell XRP, withdraw or deposit ZAR and send ZAR you will need to be fully verified. This process can take up to 2 business days if all documentation is supplied and correct.
We support individuals and business accounts. The process for verification is different for each type of account. There are two levels of verification, unverified and verified. If you are unverified you will be unable to buy and sell XRP and withdraw and deposit ZAR. You will only be able to store XRP in your wallet, send and receive XRP.
Below is the process for personal/individual and company accounts:
A. Personal or individual accounts:
In order to verify yourself you need to provide the following two documents:
1. Proof of identity:
We accept any of the following government issued documents:
- National identity card/book
- Valid South African passport
2. Proof of residential address:
We accept any of the following documents issued in the last 3 months and in the following format: JPG, JPEG, PNG, and PDF.
- Utility bill (examples include: electricity, rates, taxes, and water accounts)
- Bank statement
- Levy statement or other body corporate correspondence
B. Business accounts:
If you have a business you wish to register on our exchange you will need to go through an extended verification process in order to comply with all FICA requirements. You can contact us directly here and one of our team members will get back to you to initiate the process.
Please note you will need a separate mobile number for your business account, it cannot be linked to a Xago individual account.