KYC/AML | Exchang.io

Explanation of KYC/AML

The cryptocurrency market adheres to a set of specific rules and regulations that require the majority of crypto services to implement the AML/KYC procedure.

Exchang.io strives to protect our clients from any type of fraud and fraudulent activities in the world of cryptocurrencies. We adhere to all existing rules and regulations at present, and one of the ways we achieve this is through the KYC/AML procedure.

This procedure confirms the absolute legality of the transaction you have conducted before the regulatory authorities. In doing so, you affirm your status as a law-abiding citizen, and the state has no grounds to make any claims against you.

KYC/AML Procedure

  1. The AML/KYC procedure at Exchang.io is supported by an automated risk prevention system. If a transaction is flagged as suspicious by this system, the exchange is suspended, and the respective client is asked to verify their identity.
    This system has proven to be highly effective against money launderers and fraudsters, as the KYC process allows us to quickly and seamlessly distinguish an honest client from a fraudster.
  2. By accepting these Terms you agree to pass through the AML/KYC procedure, which may be applied to you or may be requested by Exchang.io at any time.
  3. There is a specific set of criteria used by the system; however, these cannot be disclosed, as disclosing them would enable individuals to attempt to exploit these criteria to deceive the algorithm.
  4. During the AML/KYC procedure, Exchang.io reserves the right to request additional information and documents, including but not limited to scan of your ID document valid in your country and additional information of the funds' origin.
  5. In limited cases (e.g. if the transaction is suspected of being connected to illegal activities, or if your identity verification is needed in order to pass the AML/KYC procedure, etc.), we reserve the right to freeze your exchange transaction for any period of time necessary to complete the investigation and AML/KYC procedure.
    While the investigation is ongoing, Exchang.io reserves the right to transfer the frozen funds to a cold storage. It would be done for ensuring their safekeeping
  6. If you refuse to pass through the AML/KYC procedure or don’t provide Exchang.io with the requested documents and information, Exchang.io has the right to refuse to execute your transactions (current and future).
  7. By accepting these Terms, you agree and warrant to provide true, accurate, current and complete information about yourself and take full responsibility for its accuracy, completeness and veracity.
  8. Each KYC case is treated individually. If a specific client is eligible for this procedure because their transaction has been flagged as suspicious, they will see a special status update on the exchange page, along with an email address of Exchang.io support team. Email [email protected] to complete the verification process.
  9. Exchang.io collaborates with the KYC provider named SumSub. To confirm your identity, you will be asked to follow the SumSub link (e-mailed in person) and complete the verification process through a user-friendly interface. You will have 3 days to complete the verification process, and if you choose not to undergo KYC, you can decline (in which case, send a message to [email protected]) and receive a refund.
  10. Once Exchang.io receives confirmation that you have completed the KYC procedure with SumSub, the exchange will be finalized, and the exchanged funds will be sent to the recipient wallet address.
  11. The verification time window is 3 days, and the User can refuse to pass the procedure; in that case, the User will be provided with a refund. However, please note that due to applicable AML regulations Exchang.io may be required to carry out additional procedures and conduct investigation in case the User refuses to pass the KYC verification, and thus the refund may take up to three months.
    In limited cases (if the transaction is suspected of being connected to illegal activities) we reserve the right to freeze your exchange transaction for any period of time necessary to complete the investigation and AML/KYC procedure.

How are my documents stored after the KYC/AML procedure?

The processing and protection of your data are fully carried out by our third-party partner Sum & Substance (also referred to as "Sumsub"). Sumsub adheres to the principles of personal data protection as provided by the GDPR of the European Union and the GDPR of the United Kingdom. It is a leading industry solution for ensuring safer Know Your Customer (KYC) processes.

If you have become a victim of theft and suspect that stolen funds have been transferred to an Exchang.io deposit address, you can simply open a support ticket and provide us with the following information:

  • A detailed description of when and how the theft occurred.
  • A list of all blockchain transactions and addresses involved in the process (with clickable links).
  • Information about any ongoing investigations with local or international law enforcement agencies.

If substantial evidence emerges that the funds were indeed stolen, Exchang.io will make every effort to temporarily freeze the assets. During the process, the police or law enforcement agencies must provide us with a report on the ongoing case within 14 days of your support ticket submission.

Please note that we can only release the frozen funds upon request from law enforcement agencies. The request must have a clear intention to return the funds and contain information about the transaction under consideration.

Please be aware that the transaction may be halted after the trading stage, depending on the timing of the stolen funds report. In such cases, we will be able to return the funds in the form of the asset that was originally exchanged.