Cex.io has just sent out an e-mail stating their verification will become mandatory very soon. They have not specified when exactly, though.
Considering the wave of KYC rules implemented across cryptocurrency platforms this is not surprising. Any exchange that wants to grow into a large company will sooner or later adopt full KYC rules, no matter where it’s incorporated in.
Cex.io is on a mission to become a major regulated exchange that sells guaranteed legal crypto – so the move is completely logical. The platform will still have its’ customer base – cryptocurrency investors after 100% clean crypto and open to the government in their actions.
Sign up to Cex.io here if you think KYC is good news.
If you do not wish to send your identity documents (and possibly even biometrics, considering the verification announcement email feautres a fingerprint image) to Cex.io you would need to withdraw your funds.
Cex.io claim that their verification is not yet mandatory – but will become soon enough. Once the user skips mandatory verification twice, they will have to withdraw funds and close the account. Now, funds withdrawals will supposedly still be available to people who refuse to pass KYC, but it’s best be safe than sorry. If you do not plan to get verified at Cex.io: withdraw your funds from the exchange today.
Here’s the full text of the verification email:
Verify Your Account to Continue Using CEX.IO
When starting CEX.IO in 2013, we decided to be a self-regulated cryptocurrency exchange and establish a set of rules to follow. Since then, we’ve done everything for our services to achieve the high standards of traditional financial companies.
Our focus has been on transparency, security, and compliance with relevant regulations. To achieve this, we’ve strictly followed KYC guidelines and have developed effective compliance procedures that help us keep up with established standards.
Verification helps us provide you with high-level and reliable service. As we would like to take our business to an even higher level — in line with traditional financial institutions— we have to make verification obligatory.
Mandatory Verification on CEX.IO
Once you get verified status on CEX.IO, you can continue using the service as before. So we highly encourage you to prove your identity shortly if you haven’t already done so.
The improved verification flow is available in the CEX.IO mobile app for Android and iOS. You can complete the whole procedure using your phone at any time. The procedure is straightforward, and we’ve even created a guide to help you out.
If your account isn’t verified by the time verification becomes mandatory, we’ll show you a pop-up offering options to pass verification or withdraw funds from your account.
You’ll be able to skip the procedure only twice. After 2 skips, you’ll have to choose between passing verification and withdrawing funds.
Data Security Matters
To ensure confidentiality, integrity, and availability of your data, we’ve implemented the necessary technical and organizational measures. We test, assess, and evaluate our products regularly to make sure we adhere to the highest security standards.
All personal information we store is subject to advanced encryption for enhanced security. Moreover, CEX.IO is fully PCI DSS compliant. You can check our Certificate of Compliance Validation here.
We highly encourage all non-verified users to pass verification on CEX.IO to continue using the service. Only verified users will be able to continue enjoying all the benefits offered by the platform.
As always, we’re grateful for your loyalty and understanding.