Xena Exchange has partnered with Sumsub, an AI-based identity verification solution that offers onboarding and compliance through KYC and KYB, to make onboarding of new businesses and individual customers faster and more secure.
With Sumsub, retail clients are required to present an ID and a selfie while corporate clients are asked for a few additional documents. Data is checked in around two minutes on average, according to the firm, and personal data protection is guaranteed for every Xena customer no matter the country they are coming from, be it Europe (GDPR), the USA, Asia (PDPA) or CIS (FZ-152).
The implementation of KYC/KYB didn’t make any changes to the familiar interface of Xena and incorporates an all-in-one dashboard for Xena compliance officers to see verification statuses, history, and reasons for approval or decline in one place. The firm’s anti-Photoshop module can recognize photo manipulations, while its technology also auto-recognizes hieroglyphs (Japanese and Chinese).
Anton Kravchenko, CEO at Xena Exchange, commented: “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.”
Jacob Sever, Co-founder at Sumsub, said: “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.”
Xena Exchange was founded by former executives at J.P. Morgan, Deutsche Bank, UBS, Russian Stock Exchange, and Kaspersky Labs. The operator has recently launched a free desktop terminal designed to meet the information demands of professional traders looking to navigate the cryptocurrency markets.
In late 2018, Xena Exchange raised $3 million in a Series A funding round with the sole investor being Klever Internet Investments, a stage-agnostic venture capital fund based in Moscow.