Launching a crypto exchange on the market in 83 days
The client needed a quick entry into the Polish market with a new currency exchange platform. We prepared full AML documentation, regulations, and registration in the VASP register. The entire process from the first meeting to platform launch took less than 3 months.
CryptoHub Warsaw planned to launch the exchange before the end of the year but got stuck on procedures in the Tax Administration Chamber. We entered the project when they had ready platform code but zero required AML documentation and security procedures. In 83 days, we led them from formal chaos to a full entry in the VASP register and a safe operational start.
The challenge
The client had advanced technology but lacked 14 key legal documents required by Polish law for high-risk entities. They risked a penalty of 100,000 PLN for conducting virtual currency activities without proper entry. Their previous advisors promised help but after 4 months didn't even deliver correct regulations. Every week of delay generated 24,300 PLN in fixed costs with zero transaction revenue.
Our approach
The Seek Weed team took over the case on August 12, 2024. We assigned 2 lawyers and 1 risk analysis specialist who conducted a technical audit of the KYC process. Instead of writing theoretical opinions, we pointed out 27 specific gaps in the user verification process that could have been questioned by supervision. We met with the IT department every Tuesday at 9:15 AM to adjust the suspicious transaction blocking mechanisms to the act's requirements in real time.
The solution
We prepared 142 pages of specific procedures, including a full AML/CFT Policy and 3 detailed regulations for individual and business users. We implemented a reporting system to the GIIF that automatically tags transactions above 15,000 EUR. We handled all communication with the Tax Administration Chamber in Katowice, keeping every deadline. We focused on facts and numbers, eliminating unnecessary legal risks before the launch itself.
Results
The exchange officially launched on November 3, 2024. The client obtained an entry in the VASP register without any summons to complete deficiencies, which saved at least 6 weeks of further waiting. In the first month, the platform processed 1,142 transactions without any incidents from collaborating banks.
Timeline
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August 2024Audit of KYC mechanisms and identification of 27 procedural errors.
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September 2024Implementation of 142 pages of AML documentation and training for a 4-person operational team.
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October 2024Submission of application to KAS and obtaining official entry in the virtual currency register.
"Other firms only spoke of theories, while Seek Weed simply pointed out errors in our KYC code and prepared documents that passed in the office without a single question. It was worth trusting their specifics."