Anton Kravchenko, CEO, Xena Exchange

Xena Exchange, the Ireland based cryptocurrency exchange has announced it has partnered with Sumsub to make on-boarding of new businesses and individual customers faster and more secure. Sumsub is an AI-based identity verification solution that offers smooth onboarding and absolute compliance through KYC and KYB. To verify individual clients, Sumsub’s technology requires an ID and a selfie, while corporate clients are asked for a few additional documents. The process of checking the data takes around two minutes on average. Xena Exchange was founded by previous employees of well-known investment banks and technology companies such as J.P. Morgan, Deutsche Bank, UBS, Russian Stock Exchange, Kaspersky Labs, and more.

“Our goal at Xena Exchange has always been to make digital asset trading as mainstream as possible, eliminating the gap between traditional stock exchanges and blockchain markets. Working with Sumsub over the last few months to strengthen our legal framework and onboarding routine has boosted our onboarding rates already and is making the crypto exchange environment even safer and more accessible for clients,” said Anton Kravchenko, CEO at Xena Exchange.

Sumsub reassures personal data protection for each Xena customer no matter the country they are coming from, be it Europe (GDPR), the USA, Asia (PDPA) or CIS (FZ-152). The company, which has over 10 million verified users and counts companies like Uber, Gett and Blablacar as its customers, was also chosen because its KYC/KYB check was seamlessly implemented into the exchange process, without making any changes to the familiar interface. Additionally, it has an anti-Photoshop module which can recognize photo manipulations.

“Legal compliance is crucial—and so is customer experience. Our goal at Sumsub is to offer customers like Xena Exchange, and their end users, both security and ease-of-use. Our AML screening allows Xena Exchange to monitor their clients across multiple databases such as PEPs and comply with international and local laws while the multilevel process goes unnoticed by potential customers, taking just a couple of minutes off their busy schedules,” said Jacob Sever, Co-founder at Sumsub.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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