Founder of Nonfinite Crypto Exchange Acquires Swiss Digital Banking License to Expand
Nonfinite strictly adheres to Anti-Money Laundering (AML) regulations, and all client onboarding processes are thoroughly reviewed and checked to ensure they comply with EU AML standards.
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FollowThe founder of Nonfinite crypto exchange, Oh Shen King, has recently acquired a Swiss digital banking license to expand into the digital banking space known as Nonfinite AG. With this license, the company aims to offer high-net-worth individuals (HNWIs) full-loop services from crypto to digital currency with access to banking.
According to Oh Shen King, the company has faced difficulties with many traditional banks that are not crypto-friendly. Moreover, with the recent instability in the banking sector, the company feels that it would be risky to have their HNWI investors' funds held in a bank that is not managed by their own team. Hence, the decision to acquire the banking license to custody their investors' funds and take full responsibility for managing them.
Nonfinite strictly adheres to Anti-Money Laundering (AML) regulations, and all client onboarding processes are thoroughly reviewed and checked to ensure they comply with EU AML standards. The company has opened up a full-loop feature for their HNWI clients with a digital asset wallet that supports 28 major fiat currencies. This can be done via inter-transfer, enabling clients to easily manage their digital assets and fiat currencies.
Every customer who passes the KYC (Know Your Customer) process will receive a digital asset wallet, IBAN, SEPA, and USA ACH bank account automatically. This provides them with a seamless and hassle-free experience while ensuring compliance with regulatory requirements.
It is important to note that the USA ACH bank account is only available for US clients with USD custody on a US bank, with a return of 2% yield monthly from the Nonfinite automated algorithm fuzzy trade.
In summary, with the acquisition of the Swiss digital banking license, Nonfinite crypto exchange is well-positioned to offer HNWIs a comprehensive suite of services that cater to their unique needs in the digital banking space. The company's strict adherence to AML regulations and its focus on providing a seamless customer experience make it a compelling option for those looking to manage their digital assets and fiat currencies in a safe and secure manner.
In addition to the digital banking services provided, Nonfinite crypto exchange also values transparency with their HNW investors. Select HNW investors are invited to participate in the company's board of director meetings and account auditing, as well as giving permission with signature in order to withdraw custody funds. If the withdrawal amount is greater than 30%, it requires the authorization of the HNWI in question. This ensures transparency in the company's ledger balance and establishes a strong sense of trust between the company and its valued HNW investors.
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