BITEX

EXCHANGE ROADMAP
A. FINANCIAL AND LEGAL COMPLIANCE PLAN (Months
1-3)
• Initial Asset Filing to SEC:
• BitEx submission of a comprehensive initial asset filing including
BitEx white paper, project timeline, technical description, and target
market.
• SEC reviewal of the filing within 30 days for determination.
• Registration Requirements for Digital Asset Offering:
• BitEx submission of KYC procedures, disaster recovery plans, and
risk management protocol.
• Provision of security protocols, BitEx solicitor’s opinion on permits
and licenses, escrow agreement, and corporate governance
disclosures.
• BitEx Application Requirements as a Digital Assets Offering Platforms
(DAOPs):
• Completion and submission of SEC Forms 2 and 2D, filing/
application fee, processing fee, and registration fee which include
which include:
• Filing/Application Fee: N100,000
• Processing Fee: N300,000
• Registration Fee: N30,000,000
• Sponsored Individuals Fee: N100,000

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 • BitEx provision of evidence of minimum paid-up capital of
500,000,000 Naira and current fidelity bond as stipulated by the
SEC.
• Submission of certified corporate documents, including Certificate
of Incorporation, Memorandum and Articles of Association, CAC
Forms, audited accounts or statement of affairs, and Tax
Identification Number Clearance Certificate.
• Constitution of BitEx Board and Appointment of Key Personnel:
• Establishment of the board with members approved by the
Commission before CAC registration.
• Appointment of BitEx Chief Executive Officer and Principal
Officers, subject to Commission approval.
• Development of a charter for the Board and Management
stipulating responsibilities.
• Internal Audit Division Setup:
• Establishment of BitEx internal audit function to develop and
maintain an audit framework.

B. OPERATIONAL PLAN (Months 1-6)

Phase 1: Planning, Setup, and Trading Engine (Months 1-3)

• Overall Planning:
• Definition of project scope, objectives, and team roles.
• Hiring of staff of approximately 30 personnel
• Product Design:
• Design UI/UX for exchange interface.
• Trading Engine Development:
• Begin development of core trading functionalities.
• Infrastructure Setup:
• AWS initial server configuration and deployment.

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 • Establish basic blockchain custody solutions for cryptocurrencies.
• Front-end Development:
• Develop the landing page, integrate charting tools, and user
dashboard.
• Cost Estimate:
• $600k - $1 million.
• Key Milestones:
• Project kickoff meeting.
• Completion of initial UI/UX designs.
• Basic trading engine prototype.
• Initial server deployment.

Phase 2: Admin/Ops Page, Blockchain Onramp, Custody, and Front End

(Months 4-6)

• Admin Page Development:

• Creation of tools for membership database management, fee
settings, and coin transactions.
• Blockchain Custody Development:
• Integration of BTC and ERC standards.
• Front-end Development:
• Enhance trading interface and market view.
• Quality Assurance:
• Testing of completed modules.
• Operations Team Recruitment:
• Building a team for future operational needs.
• Cost Estimate:
• $600k - $1 million.
• Key Milestones:
• Admin tools beta version.
• Integration of BTC and ERC custody solutions.

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 • Updated trading interface.

C. EXECUTIONAL PLAN (Months 7-9)

Phase 3: Finalizing System, Ops Setting, Fiat Onramp (Months 7-9)

• Admin Page Development:

• Incorporation of fiat transaction capabilities and AML compliance
features.
• Fiat On/Off Ramp Integration:
• Partnering with banking systems for fiat transactions.
• Front-end Development:
• Complete admin section, terms & conditions page.
• Blockchain Custody:
• Add support for BRC and SOL.
• AWS Optimization:
• Server performance tuning.
• Security:
• Implement cold and hot storage solutions.
• Overall Quality Assurance:
• Thorough testing of the entire system.
• Cost Estimate:
• $600k - $1 million.
• Key Milestones:
• Full fiat transaction support.
• Completion of all blockchain custody integrations.
• Final system security enhancements.

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Post-Phase 3: Beyond Month 9

• Open Beta Testing:

• Public testing phase to gather user feedback and perform final
tweaks.
• Future Expansions:
• Plan for Web3 wallet feature, NFT market, exchange offerings,
futures/margin trading, etc.
• Providing Liquidity
• Before Trading Engine: Upon integration with the bank for fiat
onramp in phase 2, BitEx can provide liquidity for users who wish to
purchase USDC. Can be done after initial QA of fiat onramp &
offramp. Requirements include bank integration, Centralized
Exchange (CEX) account creation and/or Circle integration with
Initial liquidity of $500k - $1million for USDC
• After trading engine: Recommended liquidity includes:
- USDC $5million
- Bitcoin $1mil (BTC)
- Ethereum $1mil (ERC)
- Solana $500k (SOL)
- Arbitraum $500k (ERC)
- Cosmos Atom $500k (Cosmos)
- Celestia $500k (Cosmos)
- Ripple $300k (XRP)

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