I tried to verify an account with them, provided all the required documents but they are refusing to open it citing some not better specified "business decisions". Requests for further explanations were in vain.

I cannot think of any legitimate reason for such behavior and from my past experience (Neteller) this kind of obscure decision making and lacking communication is a big red flag: usually will result in money lost on your side sooner or later (Neteller locked my account without any explanation with an € 4000 wire still going their way. Result: I never got my money back despite months of mail exchanges and it's probably not worth the costs to go the legal route).

I'd advise you look for one of the many better alternatives or be very careful with them, never entrusting them with too much money.