Users can self affirm and digitally sign a statement as to the method of their accreditation and upload financial documents or a wallet address for proof of funds. which is reviewed by our compliance team.
OMINEX can email an investor's lawyer, CPA, or investment adviser and request that they click a link to digitally sign a Certified Form attesting to the investors' accreditation status, each of which is reviewed by our compliance team
OMINEX has instructions on its site for the user who wishes to be accredited to first open an OMINEX account and to provide accreditation documents. We provide this before electronically signing subscription agreement(s).
The current process is to request a third party accreditation letter from the investor's CPA or attorney, you can see an example here. Alternatively, investors can upload documents for the investor (or the firm that collected the documents on behalf of the investor) to OMINEX. Once the document(s) have been received and reviewed, the investor's status will be updated and the expiration clock begins 12 months for income verification and 3 months for asset verification. Investors who fail the accreditation process will be notified by email, those who are successfully verified as accredited also receive a notification.
OMINEX requires a digital letter from a CPA or attorney, a template for such a person/firm to leverage for producing this letter is provided separately There is a $35 fee for our document review/accreditation service, which is about half of what the competition charges for manually reviewed documents.
The definition of an Accredited investor under the Securities Act of 1933, Rule 501(a) is that you have (i) Gross Individual income of $200,000 – or $300,000 if filing jointly – in both of the previous 2 years with a reasonable expectation that you will attain that level of income in the current year, or; (ii) Individual Net Worth (excluding primary residence) – or joint Net Worth with a spouse – in excess of $1,000,000. You may wish to visit the SEC website to learn more and view their Accredited Investor Brochure.
Note that Income Verification is valid for 12 months from the date it is confirmed, while Net Worth verification is only valid for 3 months from the date it is confirmed. Unverified investors will not be permitted to participate in offerings that require accredited investor verification.
OMINEX offers Multiple Ways to Get Verified
Investor Self Accreditation
OMINEX requires the investor to self-attest and digitally sign a legal document online to verify their accredited status.and upload a financial document or wallet address for proof of funds otherwise we require the CPA or Attorney method below.
CPA or Attorney Method
Your CPA or attorney may complete our online letter using a template we provide, attesting to your status as an accredited investor based upon their knowledge of your Income or your Net Worth. This letter must be dated within 60 days of us receiving it. There is currently no charge for Folio’s review of this letter but hourly charges may be assessed for reviews in certain cases, such as in the case of a letter which requires further validation.
Crypto Asset Verification
In the near future, we will allow wallet owners with assets exceeding the net worth requirements to be approved.