Hello everyone,
I recently faced an issue while trying to open a corporate (trader) account with ZEN for my newly registered VASP based in the Czech Republic. I want to do P2P trading and ZEN supports that.
Despite my efforts, the application was rejected by their compliance team without a detailed explanation.
Here are some possible reasons I suspect for the rejection:
My questions for the community are:
Thanks in advance!
I recently faced an issue while trying to open a corporate (trader) account with ZEN for my newly registered VASP based in the Czech Republic. I want to do P2P trading and ZEN supports that.
Despite my efforts, the application was rejected by their compliance team without a detailed explanation.
Here are some possible reasons I suspect for the rejection:
- Newly Registered Company: My company is just a few weeks old.
- No website: Initially, we didn't have a website, privacy policy, T&Cs, or contact page, but these are now set up.
- Inactive Social Media: Our social media accounts were set up but had no posts at the time of application.
- KYC Systems: At the time of applying, we hadn't fully set up our KYC systems.
- Risk Appetite: I might have provided answers that didn't align with their risk criteria, but without knowing their expectations, it's hard to say.
My questions for the community are:
- Why do you think ZEN might have rejected my application?
- Is it possible to reapply, and if so, what should I do differently?
- Does anyone here have experience with ZEN or similar institutions? I'm looking for recommendations for trusted service providers who specialize in handling high-risk accounts like those for crypto P2P merchants.
Thanks in advance!