New Verification Rules on CEX.IO
Feb 16, 2018

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Every day at CEX.IO we are working on making cryptocurrencies more accessible to people all over the World. In just a few years we have grown from the startup company to a business with more than 2,000,000 users. One of the factors in this success is our attention to issues of security and regulations.

Our Security and Concerns

We are working with our users’ money, and we feel the responsibility on our shoulders. An advanced encryption system helps us to ensure the safety of stored data. As a proof of users’ data security, we have PCI DSS level 2.

The Focus on Legal Compliance

We believe that transparency is a basis for our growth. Our primary principle is compliance with the regulations in the countries where we are active. For example, we have received the authorization within FinCEN as Money Services Business in the USA.

Now, we face the need for obligatory verification of all our users. So, we highly encourage all our customers who still have Basic accounts to pass verification as required by our KYC/AML policies. Even for those clients who are only dealing with cryptocurrencies, it will be necessary to continue trading on CEX.IO.

What About Previous Verification?

Earlier at CEX.IO, verification was mandatory only for users who wanted to deposit/withdraw fiat money. From March 2018 it will become an obligatory condition to use the services provided by CEX.IO, and the users who are still not verified at that moment will not have access to specific activities on the platform.

The customers who already passed the procedure do not need to go through it again. Only non-verified users have to provide their documents and necessary information. You can find all required documents on our Help Centre.

Note that the received information will be protected and stored according to CEX.IO’s Privacy Policy. Additionally, CEX.IO is registered in UK Data Protection Register within ICO as a data controller, which allows us to process personal information.

Why Is It Compulsory?

We understand the value of anonymity the cryptocurrency community stands for. Still, to stay compliant with the 4th AML Directive and ensure we are acting legally, we are obliged to make verification mandatory for all users. This is the only way to ensure a safe and healthy trading environment on our platform. 

Currently, we are working on a procedure to make it as prompt and easy as possible.

Please pass the verification procedure before March 13 to further enjoy your trading on CEX.IO.