User Verification Status

The KYC verification process is an automated process conducted on a real time basis. The KYB verification process may require additional time based on our service level agreement. During this verification process, the user is placed under various KYC Statuses as described below:

Unverified

A user is placed in Unverified status until they submit their KYC information for verification.

Retry

A user is placed in Retry status when the user is not verified automatically in the first instance and new information and/or documentation is required. Once the information/documentation is provided, users can move to another KYC status or stay in ‘Retry’ status if additional information/documentation is required again. If the user cannot be ‘Verified’ or ‘Suspended’ after multiple retries, the user will be moved to ‘Review Pending’ status for review by Machnet’s compliance team.

In Progress

A user has submitted their KYC information and their verification is in process.

Review Pending

A user is placed in Review Pending status if the user is not verified after multiple Retry statuses or if the information requires review by Machnet’s Compliance team. Machnet shall inform the Client regarding any further information and/or document that will be required to verify the user by placing the user under Retry. Machnet may also verify or suspend the user based on their submitted information.

Verified

User’s KYC has been successfully verified.

Suspended

A user in Suspended status is not allowed to conduct any activity in the system. A user may be placed in Suspended status for one or more of the following reasons:

• The Platform identifies anything suspicious during the Verification process of the user.

• Identification of any AML, fraud or compliance risk with the user (whether or not the user is a verified user).

• Any discrepancy in the KYC documents and information provided by the user.