Extremely concerning lack of transparency and questionable data practicesThis company presents itself as a regulated and trustworthy financial service provider, however my experience raises serious concerns regarding transparency, jurisdiction clarity and data protection practices.The most alarming issue is the complete inconsistency in their regulatory and legal positioning. They present themselves as operating under UK frameworks while simultaneously justifying data retention under Canadian legislation. As a potential client, this creates a serious compliance red flag. A legitimate financial institution should be able to clearly state under which jurisdiction it operates and which regulatory authority supervises its onboarding and data processing activities.My application was rejected and no account was ever opened. No contractual relationship was formed, no services were delivered and no customer relationship ever existed. Despite this, the company claims it can retain extremely sensitive personal and financial data for multiple years under vague compliance arguments without providing precise statutory references or regulator verification.The onboarding process requires excessive amounts of highly sensitive documentation, including financial records and identity verification materials. Once submitted, there appears to be no meaningful transparency regarding where this data is stored, who has access to it or how it is processed internally or externally through third parties.When requesting deletion of my data, the responses received were generic, evasive and heavily reliant on broad compliance language rather than providing clear legal justification or accountability. For a company operating in the financial sector, this behaviour is deeply concerning.The entire experience gives the impression of a data collection funnel rather than a professional financial onboarding process. The lack of clear regulatory accountability combined with aggressive data requirements and refusal to delete data after rejecting an application should make any business extremely cautious.There are significantly more transparent and reputable alternatives in the market that clearly explain their regulatory framework, onboarding requirements and data handling responsibilities.Proceed with extreme caution.
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Sokin removes the borders, barriers, and burdens from global business. Our platform empowers businesses to manage payments swiftly, efficiently, and transparently, making it the ideal solution for success on the global stage.
