FAQ

BELOBABA Financial Services UAB, number 306302649, 04111 Vilnius, Architektų g. 56-101, Lithuania, presents an advanced, fully compliant Payments and Banking as a Service solution, seamlessly integrating fiat and digital assets into a unified and intuitive application processing interface (API). Utilizing a collaborative multi-partner strategy, we have streamlined the intricate fiat/crypto landscapes.

Fiat assets represent traditional money that have been declared as legal tender. Fiat money is issued and managed by a country’s government e.g. the US dollar, the euro, the British pound.

Digital Assets is a broad term that encompasses anything minted and exchanged on a blockchain, such as Stablecoins (e.g. USDC), Cryptocurrencies (e.g. Bitcoin), Central Bank Digital Currencies or CBDCs, Non-fungible Tokens or NFTs.

Tokenization is the process of representing a digital or real world asset, as a token that lives on a blockchain. It is used to increase the transferability of assets; increasing speed, reducing cost and unlocking liquidity.

A custody account, in the context of the Investment Advisers Act and Registered Investment Advisers (RIA), refers to an account in which a registered investment adviser has custody or management over a client's assets. In other words, the adviser is responsible for holding and managing the client's assets on their behalf.
According to the Investment Advisers Act, a registered investment adviser who has custody of a client's assets is subject to certain requirements and obligations. Some of these requirements include:

1. Record keeping: The adviser must maintain accurate and up-to-date records of all transactions related to the custody account.
2. Periodic examinations: The Securities and Exchange Commission (SEC) can conduct periodic examinations to ensure that the adviser is complying with the established regulations and requirements.
3. Client reporting: The adviser must provide regular reports to their clients detailing the activity of the custody account, including transactions made and any incurred commissions or fees.
4. Asset segregation: Client assets must be kept separate from the advisor's assets. This means that client assets cannot be commingled with the advisor's assets or used for purposes other than those agreed upon with the client.

These requirements and obligations are designed to protect the interests of clients and ensure transparency and integrity in the administration of custody accounts. Registered investment advisers who fail to comply with these requirements may be subject to sanctions and legal actions by the SEC or other regulatory authorities.

Opening an account in BELOBABA is very easy and 100x100 online. It depends on your nationality or jurisdiction. We will offer you several banking options.
You will need to upload the following documents when completing the online registration process:

1. SSN or ITIN.
2. Valid identity document such as a driving License, Passport, etc.
3. Proof of address.
4. Phone.
5. Email.

In the personal account onboarding process, our system does an identity verification, where the user must take a photo of their identity document and a selfie.

For personal accounts nothing. Even though you will find some memberships to help you in your saving and investment goals.
For Business accounts there is a small fee that has to be paid.

You can transfer digital assets from your wallet or make a transfer to your American bank account number or other available bank accounts.

You can withdraw money by making domestic or international wire transfers and transferring Digital Assets from your BELOBABA wallet to your wallet on another platform.

At BELOBABA, we work with the exchange rate present in the market at the moment of the transaction.

A Qualified Custodian is a determination made in the sole opinion of the Registered Investment Advisers (RIAs); ultimately, RIAs determine if the custodians they choose are Qualified Custodians.
A Qualified Custodian supports BELOBABA under the Investment Advisers Act (IAA), which means we safeguard our customers' assets by adhering to strict requirements.

Assets held on behalf of customers are earmarked for each customer and protected. BELOBABA assets and our customer's assets are either kept separate from other customers' assets or are otherwise explicitly identified as belonging to a particular customer under NRS 669.220.1(a) and our internal processes, including our ledger system.
BELOBABA can't opine how insolvency proceedings would unfold, given the current precedent, especially concerning digital assets. There are many unknowns in bankruptcy law regarding how a custodian's insolvency would apply to the assets the custodian holds (regardless of who the custodian is). Historically, the goal of any insolvency proceeding has been to ensure that property/assets are returned to the rightful owner (the customers), especially when the assets of such customers are carefully kept in an identifiable/traceable/segregated manner.
Specifically, bankruptcy courts tend to apply applicable state trust and property laws, including those that honor a customer's continuing right to their assets held in custody by another.
For this case, we are working with custodial agents that are not speculating with the assets of clients. They are premium top companies in the field of custody assets.

BELOBABA is not an insured depository institution or bank. Digital assets are not legal tender, are not insured by the Federal Deposit Insurance Corporation ("FDIC"), and are not subject to protections afforded to bank deposits. As a result, digital assets are subject to extreme price volatility and may lose value.
BELOBABA maintains an MSA with a third-party API provider, which also supports one or more bank deposit accounts to benefit customers that maintain fiat currency balances. Deposit accounts can be dedicated custodial accounts for the benefit of a single customer or custodial accounts that hold commingled funds in proportion to the fiat currency contributed by each account holder recorded on our ledger in a manner consistent with 12 CFR 330.5(a)(2).
Fiat funds held on deposit in custodial accounts at insured banks may be eligible for FDIC "pass-through" deposit insurance up to a maximum deposit amount of $250,000 per customer if specific criteria are met. If an insured bank fails while holding the account where your funds are held, you may be eligible for deposit insurance coverage by the FDIC pursuant to 12 CFR 330.5 and 12 CFR 330.7. A customer's insured interest in a custodial account that holds commingled funds is equal to the amount of fiat currency held on deposit for that customer.
FDIC deposit insurance covers deposit products offered by insured banks. Deposit insurance does not apply to non-deposit products, such as digital assets. Therefore, FDIC deposit insurance does not protect you against the failure of Prime Trust or losses resulting from unauthorized access to the digital assets in your account. For more information, visit https://www.fdic.gov/news/fact-sheets/crypto-fact-sheet-7-28-22.pdf.

BELOBABA does not engage in lending or borrowing services or rehypothecating customer assets.

BELOBABA is a Financial services platform that enables customers to store and trade cryptocurrency and FIAT money.

BELOBABA's customers are businesses and individuals who want to manage their fiat liquidity and assets in a secure, efficient, and easy-to-use platform.

BELOBABA facilitates the digital platform that connects its customers with the trade desk. The customers make trade requests by asking for the quote using BELOBABA's Swap module, and the trade desk gives the quote. If both parties comply with having the funds and agree on the quote, the trade is settled.

No. BELOBABA is never contractually liable to process or settle trade requests. BELOBABA can only settle trade requests if all the above conditions are satisfied.

We are a security-first platform with a leadership team with deep cyber security experience. BELOBABA maintains an MSA with a third-party API provider that has earned our Soc2 Type 2, ISO 27001-2013, and CSA level 1 certification. In addition, it has ongoing threat intelligence, vulnerability management, and security operations programs.
BELOBABA MSA third-party API provider uses secure wallet architecture, including a storage structure that balances asset security with accessibility using MPC technology.

Yes, digital assets can be withdrawn or transferred at the customers' discretion and determination. Cash/fiat funds are available to withdraw or transfer after settlement during regular business days. You control all transactions.

The movement of customer funds occurs only at the direction of that customer. All assets held on behalf of customers are tracked via the ledger and earmarked for each customer. This means customers' assets will always be owned and available to that customer. Customer funds and corporate funds are kept separate. Customers can withdraw and transfer funds at their discretion and following normal operations. The only time customers would not be able to move funds is if they have been frozen due to compliance or legal reason, including but not limited to fraud or bankruptcy.

Customer assets are kept in a separate system and are always distinct from corporate assets. Assets held on behalf of customers are earmarked for each customer. BELOBABA assets and our customer's assets are either kept separate from the assets of other customers or are otherwise explicitly identified as belonging to a particular customer under NRS 669.220.1(a), and our internal processes and controls support this.

BELOBABA is dedicated to ensuring the risks associated with participating in the global financial system are minimized as much as possible. As such, BELOBABA is not able to allow customer accounts from, or conduct transactions with, the following countries.
Because our app has different jurisdictions this list can have some variations. The best way is to register in the app banking.belobaba.io and get a fast answer about the availability of the service for you.
Afghanistan
Algeria
Bangladesh
Belarus
Bolivia
Burkina Faso
Cameroon
Cape Verde
Central African Republic
China
Congo (the Democratic Republic of the)
Congo (the)
Cuba
Côte d'Ivoire
Egypt
Eritrea
Ethiopia
Ghana
Haiti
Honduras
Iran
Iraq
Kenya
Lesotho
North Korea
Lebanon
Liberia
Libya
Mali
Morocco
Mozambique
Myanmar
Namibia
Nepal
Nigeria
Pakistan
Catar
Russian Federation
Saudi Arabia
Senegal
Sierra Leone
Somalia
South Sudan
Sri Lanka
Sudan (the)
Syrian Arab Republic
Tanzania
Uganda
Ukraine
United Arab Emirates
Venezuela*
Western Sahara
Yemen
Zambia
Zimbabwe
*Only natural person contact permitted at this time