KYC Mandate for Cryptocurrency Exchanges or E-Business
“Pseudonymous” days are over! Previously anyone can open a cryptocurrency account using aliases or false names but not anymore. We have recently seen shocking news of cryptocurrency exchanges operations being suspended over inadequate KYC procedures or cryptocurrency exchanges themselves pulling out from countries that are regulating this space by means to improve respective KYC measures. There’re more shocking news! Many cryptocurrency trading platform users are seeing their accounts frozen unless they verify or fill in their KYC identity.
If you are going in to the digital currency space, becoming a reporting institution that must collect and retain information about your customers and report to your regulators in accordance to your regulatory requirements, you are going to incur cost in return for peaceful sleep. Xenchain, a simple and easy to use yet sophisticated e-KYC solution will assist with cost saving and demonstrate quick replacement to conventional KYC requirement. Refer below for a brief write up by one of our earlier community.
‘While doing my research for a friend who wants to start an E-Money business, I came across Xenchain’s whitepaper. I was quite impressed with their e-KYC solution. I’ll bet that you can learn from their ongoing researches and skip several evolution of technology by leveraging on their technology and best practices on Blockchain, big data and artificial intelligence. Their e-KYC will be able to complete customer due diligence process in less than 5 minutes (wow!) using the most reliable, independent and up-to-date source of screening data, AI and Facial Recognition process. Xenchain, a new startup currently running an ICO, provides a platform for customers’ identification and verification. I have worked in banks for more than 20 years and I know how frustrating it can be when we conduct the customer due diligence using the traditional onboarding methodology!’