Understanding the Slash Crypto Approval Process

Understanding the Slash Crypto Approval Process

Overview

Slash Crypto allows businesses to send and receive stablecoin payments (USDC and USDT) directly from their Slash account. Before you can use crypto features, your business needs to complete a quick approval process. This article explains how the approval works and what to expect.

How Crypto Approval Works

When you apply for Slash Crypto, your application goes through a compliance review. This review is handled by Bridge, our crypto infrastructure partner, who verifies your business information to meet regulatory requirements.

Step 1: Start the Application

From your Slash dashboard, navigate to Crypto in the sidebar. If you haven't applied yet, you'll see an option to enable crypto features. Click to begin the application.

Step 2: Provide Business Information

You'll be asked to confirm or provide details about your business, including your business type, industry, and ownership structure. Much of this information is pre-filled from your existing Slash account.

Step 3: Wait for Review

Once submitted, your application is reviewed. Most applications are processed within 1-2 business days. You'll receive an email when your application status changes.

Application Statuses

Your crypto application may show one of the following statuses:

• Submitted: Your application is in the review queue.
• Under Review: A compliance specialist is actively reviewing your application.
• Approved: Your business has been approved for Slash Crypto. You can now send and receive stablecoin payments.
• Incomplete: Additional information is needed. Check your email for instructions on what's required.
• Rejected: Your application was not approved. You'll receive an email explaining the reason.

Why Applications Get Rejected

Crypto applications may be rejected for a few common reasons:

• Unsupported business type: Certain industries cannot be approved for crypto services due to regulatory restrictions.
• Incomplete information: Missing or inconsistent business details can prevent approval.
• Compliance concerns: Applications may be declined if they don't meet compliance requirements.

If your application is rejected, you'll receive an email with details. In some cases, you may be able to reapply after addressing the issue.

What You Can Do With Slash Crypto

Once approved, you'll have access to:

• Receive crypto deposits: Get paid in USDC or USDT to your Slash account.
• Convert to USD: Off-ramp crypto to USD that you can spend with your Slash Card or transfer out.
• Send crypto payments: Send stablecoins to external wallets across multiple blockchain networks.
• Instant deposits: Receive USD credit immediately while your crypto conversion settles (available to eligible accounts).

Need More Help?

If your application has been pending for more than 2 business days, or if you have questions about a rejection, contact our support team at support@slash.fi. Please include your business name so we can look up your application status.