Along with cryptocurrency market development and strengthening the legal framework of the whole blockchain industry, Changelly non-custodial cryptocurrency exchange service continually optimizes its product line to make it more trustworthy. Like all big market players, Changelly keeps an eye on the best market practices in terms of AML&KYC policy and use the most effective services to counter fraud. Following extensive legal field research, Changelly partnered Sum&Substance (Sumsub) – an AI-based ecosystem, which allows online services around the world to meet regulatory requirements, prevent fraud and enhance customer confidence.
The New KYC Working Principles
The Sumsub KYC check will be implemented directly inside the exchange process so that Changelly users won’t need to leave the familiar interface and interrupt the swap.
The system will prompt the user for a photo of his ID and a selfie with it. All the pegged documents will be scanned automatically and the whole screening process will take from 5 to 10 minutes. Changelly users will only need to pass KYC once to be continually able to swap any crypto amounts in the future.
“It’s crucial not only to be fully compliant with the requirements but also to provide the most convenient user experience. That is the challenge that Sumsub ecosystem meets perfectly. Changelly users will only need to pass KYC once through our system to access hundreds of partner services at the touch of a button. At the same time, the system will ensure the full compliance with the EU regulations,” – stressed Jacob Sever, Co-founder at Sumsub.
“As operations with virtual assets steadily become a part of our daily routines we at Changelly make a new step forward making crypto swaps more handy and safe. We introduce our partner – Sumsub which turns up a user verification on our service so quick, easy and reliable. Sumsub brings top technologies, high expertise and full law compliance into AML/KYC process, I’m sure that together we can make the crypto world a cozy place to live in,” – COO Changelly, Dmitry Burin admits.
Sumsub is a bank-grade KYC / AML multi-account ecosystem. The company has been working with banks, fintech and blockchain projects since 2015. Sumsub AI-based system provides its business clients with seamless KYC / AML checks that comply with all the market regulators requirements along with international requirements including The Financial Action Task Force (FATF) recommendations. All data is transmitted over secure communication channels with a high level of encryption. Sumsub has the necessary infrastructure for secure data storage and is fully compliant with data privacy (GDPR) requirements. The company is now one of the market leaders in online verification and KYC/AML in Central, Eastern Europe, and Asia. The Sumsub 350+ portfolio of B2B clients includes such prominent companies as BlaBlaCar, Cryptopay, Philip Bank, Mail.ru Group, Gett, Exness, FX Open, etc.
Changelly is a non-custodial instant cryptocurrency exchange. We act as an intermediary between crypto exchanges and users, offering access to 130+ cryptocurrencies. The company mission is making an exchange process effortless for everyone who wants to invest in cryptocurrency. Operating since 2015, the platform and its mobile app attract over a million visitors monthly who enjoy high limits, fast transactions, and 24/7 live support.
Changelly offers its API and a customizable widget to any crypto service that wishes to broaden its audience and implement new exchange options. Changelly partners with MyEtherWallet, Exodus, Binance, BRD, Edge, Coinomi, Trezor, Ledger, Enjin, Coinpayments, Huobi Wallet and other well-known players in the crypto industry.