Getting Started

  • What is the Onboarding process for SOMA.finance?

    Understand more about how to onboard to the SOMA.finance platform. The onboarding process covers a number of key steps that enable the use of SOMA.finance products and services, including a full KYC (Know Your Customer)/KYB (Know Your Business) check, a comprehensive AFT (anti-financing of terro...

  • What is 'Know Your Customer' (KYC)?

    KYC, or Know Your Customer, is when a financial institution takes efforts to verify the identity of their clients. Whether or not a financial institution KYCs their customers can limit what services that institution can offer while operating within the law. For SOMA.finance, the KYC process is a ...

  • What is 'Know Your Business' (KYB)?

    KYB is the institutional version of KYC (click here to find out what KYC is). It is the process required to verify and authenticate institutions to confirm their identity.

  • Which products or features of SOMA.finance require onboarding completion?

    Use of any of SOMA.finance products will require completion of the onboarding process.

  • Why does SOMA.finance require an onboarding process?

    Understand why the SOMA.finance platform requires onboarding. The purpose of the onboarding process is to ensure that the people and companies trading SOMA Securities are legal and legitimate entities.This means verifying the person are real entities (Know your Client - KYC/Know your Business - ...

  • Can I update my KYC data if it changes?

    Yes. You’ll be able to change and validate your data in your user portal. As the KYC process is continuous we’ll also be checking that personal data is kept up to date.

  • How long does onboarding verification take?

    Completion of the onboarding process is usually done within 24 hours. We’ll notify you of the updated status once completed.

  • How long is my personal information kept for?

    In compliance with US law, personal information is retained for 7 years.

  • What documents are required for the onboarding process?

    For US applicants: Proof of identity — your valid state-issued ID, driver’s license, passport, passport card, or Permanent Resident Cards. (Green Cards) For applicants outside of the US: Proof of identity — your passport from your country of citizenship; national ID and/or driver’s license fro...

  • What happens if I don't pass the onboarding verification?

    You’ll receive an email notifying you that you haven’t been approved. You can then submit a ticket to our help desk if you require further information.

  • What kind of behavior may cause me to get blacklisted?

    Learn about the behaviours that may limit your access to the SOMA.finance platform. After you have been granted initial permissions to trade, your personal and wallet details are regularly reprocessed and reanalysed. If any trace of fraud, money laundering or financing of terrorism is detected -...

  • Will I be notified of my onboarding progress and completion?

    Yes, you’ll receive a status update in your email once the onboarding is complete, and further updates when we process your onboarding application.