By accessing the Quidax Business API, you agree to the following compliance obligations:

Know Your Customer (KYC)

You are responsible for verifying the identity of your own end users before they access crypto or stablecoin features through your product (except for customers using our On/Off-Ramp widget.  We assume full KYC responsibility on your behalf).

 At minimum, this means:

• Collecting and verifying full legal name, date of birth, and government-issued ID for individual users
• Confirming that users are not on domestic or international sanctions lists (OFAC, UN, ECOWAS, Nigerian sanction lists)
• Screening for Politically Exposed Person (PEP) status and applying Enhanced Due Diligence (EDD) where applicable
• Maintaining KYC records in a manner that allows them to be retrieved and provided to Quidax or regulators within a reasonable timeframe
• You may not onboard anonymous users or allow pseudonymous accounts to access stablecoin or crypto payment features without completing the required identity verification steps.

Transaction Monitoring

• You must implement processes to monitor transactions flowing through your integration for suspicious activity. This includes:
• Identifying and flagging unusual transaction patterns (e.g., rapid movement of funds, unusually high volumes inconsistent with a user’s profile, multiple accounts transacting to the same destination address)
• Setting and enforcing appropriate transaction velocity and volume limits for your end users
• Maintaining an internal process for reviewing, escalating, and where necessary, reporting suspicious transactions to the relevant Financial Intelligence Unit (NFIU in Nigeria)

Record Keeping

You are required to maintain records of all transactions processed through your Quidax integration, including user KYC data, transaction amounts, counterparties, timestamps, and any internal compliance decisions made in connection with those transactions. These records must be retained for a minimum of five years from the date of the transaction or the end of the business relationship, whichever is later.

Cooperation with Quidax Compliance Requests

Quidax may, from time to time, request documentation or information about specific transactions, users, or your broader compliance programme as part of our own regulatory obligations. You are required to respond to these requests promptly and completely. Failure to cooperate may result in suspension or termination of your API access.