CEX.IO News

Lifting Ticket and Verification Systems at CEX.IO

, June 16, 2017

Dear CEX.IO users, 

Over the past month, we have been experiencing an extraordinary growth in the industry and in terms of user activity on CEX.IO as well. The number of registered accounts on the exchange crossed 1 million and we are extremely grateful for your trust in our service. 

However, any abnormal activity, even taken from a positive perspective, can lead to operational issues and unexpected delays. A huge overload on our support and compliance teams was one of such issues we faced at CEX.IO. With this post, we would like to apologize for any inconveniences that you may have experienced because of this, clear the situation, and share our measures of bringing CEX.IO service back to the normal operation speed.

Scaling Support and Compliance Teams

We have managed to build a strong and professional support team that is assisting CEX.IO users 24/7 in any issues. Considering the recent unprecedented growth, we have decided to triple our support team to meet the needs of all the users. Compliance team that is in charge of verification procedures is experiencing a 3-times scaling as well. We consciously undertook the challenge to speed up the training for new employees without losing quality and assure you that pending support tickets will be handled in the nearest time. 

Verification Requests and Payment Transactions

As you know, CEX.IO is registered in the UK and has MSB status in FinCEN (USA). Our position requires full execution of AML/KYC policies and compliance with legislation. We value legitimacy of our business and believe that it creates a positive impact on the industry in general. 

Even considering partial automation of compliance procedures and full-time operation of the team, we faced some delays with processing verification requests. CEX.IO has a multi-level account system, and moving from level to level requires submission of additional documents verifying user’s identity and/or source of their finance. Documents are to be checked only manually by professional compliance officers in order to prevent fraud cases. Transaction monitoring is also a part of the AML policy, which means that some deposits and withdrawals are processed manually after reaching certain triggers. Respectively, the inflow of new users and their will to raise financial limits are the reasons for delays in request processing.  

Fortunately, CEX.IO compliance team is now tripling and will soon be able to handle the volume, as said before.

Conclusion 

Considering all above mentioned, we kindly ask you for understanding and patience, while we are raising support and compliance capacity. Our goal is to deliver the best experience to you and we are doing everything possible to reach it. 

Related

CEX.IO News Education

5 Advice for Those Who Would Like to Start Bitcoin Trading

For those who are new to trading Bitcoin and other various cryptocurrencies, starting off can be quite difficult due to the complications of understanding markets and general trading. Hopefully with the advices presented below you will get a rough idea of how to get started and start earning some

Oct 09, 2014 | 3 min read
CEX.IO News

Security of Clients’ Funds at CEX.IO

Update: this blog post was updated on 7 November, 2022 for better clarity. Cryptocurrency has captivated the attention of a broad range of people. From tech enthusiasts in the remote islands of Polynesia to traditional finance professionals sitting in the tall buildings of Manhattan, people of all backgrounds participate

Aug 13, 2019 | 17 min read
CEX.IO News Education

Is Bitcoin Secure?

One of the main issues that has been holding back mass adoption of Bitcoin as a payment system and currency is the notion that it is not secure. There have been plenty of hacks and frauds in the Bitcoin ecosystem, so people who are unsure of the digital currency

Jun 13, 2015 | 5 min read