Non-Supported Industries and Countries
Unicorn Currencies Limited is a Bank of Canada–supervised Payment Service Provider and FINTRAC-registered Money Services Business (MSB: C100000159) serving importers and exporters with $1M+ annual FX volumes.
Scope
We do not support onboarding of, or incoming/outgoing payments from/to, entities or individuals in the prohibited industries and jurisdictions below. These lists apply to all products and services.
Prohibited industries and jurisdictions are flagged in our compliance platform and automatically rejected at signup, onboarding, and risk sign-off when a matching industry or country code is selected.
Restricted customer types and restricted jurisdictions may be served only after documented enhanced due diligence and written approval by the Chief Compliance Officer prior to onboarding and prior to the first payment, under ongoing enhanced monitoring.
Non-Supported Industries (Prohibited)
Shell banks and shell companies
- Banks or financial institutions with no physical presence or regulated-group affiliation
- Shell companies without genuine economic substance
Anonymous or opaque structures
- Anonymous or numbered accounts and bearer-share entities
- Structures designed to conceal beneficial ownership or control
Money services businesses and remittance
- Money services businesses, remittance providers, payment institutions and currency exchanges
- Nested or downstream MSB relationships and informal value transfer (e.g. hawala)
Cryptocurrency and virtual assets
- Cryptocurrency exchanges and trading businesses
- Mixers, tumblers, privacy-coin services, darknet marketplaces and crypto-ATM operators
Gambling and gaming
- All gambling, casino, betting and gaming operators — licensed or unlicensed
Adult entertainment
- Adult content production or distribution, adult venues, escort services
- Dating services with adult or escort components
Arms, weapons and defence
- Firearms, ammunition, military and defence articles, explosives
- Chemical or biological weapon precursors
Cannabis, narcotics and unlicensed pharma
- Cannabis and CBD products, narcotics, drug paraphernalia
- Unlicensed pharmacies and pharmaceutical distribution
Tobacco and vaping products
- Manufacture of or trade in tobacco and vaping products
Precious metals and jewellery trading
- Bullion dealers, jewellers and precious metals or stones trading businesses
High-cost and fringe credit
- Payday lending, pawn shops and equivalent high-cost credit providers
Fraudulent or deceptive schemes
- Ponzi and pyramid schemes, recruitment-dependent multi-level marketing
- Advance-fee arrangements, guaranteed-return and get-rich-quick schemes
- Telemarketing with high chargeback exposure
Counterfeit and pirated goods
- Manufacture of or trade in counterfeit or pirated goods or IP-infringing products
Financial crime
- Money laundering, terrorist financing or sanctions evasion
- Unlicensed payment processors or facilitators
Undisclosed third parties
- Customers acting on behalf of undisclosed third parties
- Refusal to identify beneficial owners or evidence source of funds
Cash and bearer instruments
- Unicorn Currencies accepts no cash or bearer negotiable instruments
- All funding must originate from a bank account held in the customer’s own name
Retail personal remittances
- Private individuals seeking consumer remittance services
- Unicorn Currencies serves business customers only
Restricted Customer Types (Not Prohibited — CCO Approval Required)
The following are not automatically rejected at signup but require documented enhanced due diligence and Chief Compliance Officer approval:
- PEP-owned or controlled entities — Entities owned or controlled by politically exposed persons, their family members or known close associates.
- Charities and non-profit organisations — Registered charities and NPOs, particularly where funds are remitted to or near restricted jurisdictions.
- Cash-intensive businesses — Businesses whose banked funds derive substantially from cash takings.
- Government and diplomatic bodies — Embassies, consulates, state-owned enterprises and other government bodies.
- Trade with restricted jurisdictions — Import or export businesses whose counterparties or trade routes involve restricted jurisdictions, including high-risk trade-based money laundering categories.
Non-Supported Countries and Territories (Prohibited)
No customers or payments with a nexus to the following. No exceptions apply.
Comprehensively Sanctioned
- Afghanistan
- Belarus
- Cuba
- Iran
- North Korea
- Russia
- Syria
- Venezuela
Illegally Annexed or Occupied Territories
- Crimea and Sevastopol
- Donetsk People's Republic (DNR)
- Luhansk People's Republic (LNR)
- Zaporizhzhia Region
- Kherson Region
Conflict Zones and Failed States
- Burundi
- Central African Republic
- Libya
- Mali
- Myanmar
- Somalia
- Sudan
- Yemen
Additional Prohibited Jurisdictions
- Bosnia and Herzegovina
- Congo
- Ethiopia
- Guinea
- Guinea-Bissau
- Iraq
- Kosovo
- Nicaragua
- Zimbabwe
Restricted Destination Countries (EDD + CCO Approval)
Payments to FATF grey-list and other restricted jurisdictions are supported only with enhanced due diligence and Chief Compliance Officer approval. See Restricted Destination Countries for the full Category 2 list, including: Algeria, Angola, Bolivia, Bulgaria, Cameroon, Cote d Ivoire, Democratic Republic of Congo, Haiti, Kenya, Kuwait, Laos, Lebanon, Monaco, Namibia, Nepal, Papua New Guinea, South Sudan, Vietnam, Virgin Islands (British).
Restricted Currencies
We do not facilitate transactions in: Iranian Rial (IRR), North Korean Won (KPW), Syrian Pound (SYP), Russian Ruble (RUB), Belarusian Ruble (BYN), Venezuelan Bolívar (VES), Cuban Peso (CUP/CUC), Afghan Afghani (AFN).
Consequences of Non-Compliance
Violations may result in declined or reversed transactions, account suspension or closure, regulatory reporting, and permanent exclusion from the platform.
Key Questions
What industries are prohibited from using Unicorn Currencies?
All categories in our prohibited industries policy apply — including MSBs, payment institutions, crypto platforms, gambling, adult services, weapons, cannabis, narcotics, tobacco, precious metals, payday lending, MLM and fraud schemes. Selection of a prohibited industry code at signup is automatically rejected.
Which countries cannot use Unicorn Currencies services?
Entities domiciled in or payments to/from: Afghanistan, Belarus, Bosnia and Herzegovina, Burundi, Central African Republic, Congo, Cuba, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Kosovo, Libya, Mali, Myanmar, Nicaragua, North Korea, Russia, Somalia, Sudan, Syria, Venezuela, Yemen, Zimbabwe and Crimea and Sevastopol, Donetsk People's Republic (DNR), Luhansk People's Republic (LNR), Zaporizhzhia Region, Kherson Region.
What happens if I violate these restrictions?
Transactions are declined or reversed, accounts may be suspended or closed, and we may report to regulators and law enforcement where required.
Are cryptocurrency businesses supported?
No. We do not support cryptocurrency exchanges, mixers, tumblers, privacy-coin services, darknet marketplaces or unlicensed crypto-ATM operators.
How do I check if my business is eligible?
Contact compliance@unicorncurrencies.com before applying. Legitimate B2B import/export, manufacturing, professional services and technology businesses in supported jurisdictions are typically eligible. We serve business customers only — not consumer remittance.
Questions or Clarifications?
Contact compliance before applying: compliance@unicorncurrencies.com