How Exenium will implement KYC

In today’s increasingly more regulated environment, all exchanges require its users to perform verification at some point. There are various tiers, placing different limits on how much crypto or fiat a user may withdraw at a time.

This verification is done to comply with KYC/AML (Know Your Client/Anti-Money Laundering) regulations.

Exenium will of course feature verification for its users, which will be required in order to withdraw any large amount of funds. The exact limit will be determined by our banking partners and regulators.

It will be performed through a separate bot, to which the user must send scans of all the required documents.

The documents required include valid personal identification documents like a passport or national ID, bank statement for proof of residence, as well as a picture of you holding a sign with the current date and a codeword.

The verification will then be performed by an operator in less than an hour. After 100000 submissions, we will introduce a self-learning AI that will perform the checks automatically, greatly speeding up the process.

The KYC verification process is an integral part of our exchange. To withdraw funds, a special password set during registration needs to be used. Only verified users can change it, as the process requires a new verification. This makes it impossible for hackers and other malicious entities to steal your money.

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