How KYC works in the Klever Exchange

In today's world, everyone seems to be investing in the next big thing, which is cryptocurrency.

Even though cryptocurrency has been designed to serve as an alternative to a centralized ecosystem. The growing adoption of cryptocurrency based on a decentralized ecosystem has become a platform for everyone.

From students, young investors, homemakers, or even people involved in crime, illegal activities are now turning towards this next big thing in the world today.

Due to the fact that crypto assets are anonymous, a user can buy and sell any amount of crypto assets, which isn't possible with current banking and financial systems that require extensive checks and verifications by third parties and government bodies. People involved in money laundering and terrorism have taken notice of this feature.

To stop this from being a platform of criminals, some crypto exchanges adopt a know your customer (KYC) system to process user information who wants to use it for trading purposes. 

Self-regulation has become very important, as many governments across the world have raised a red flag towards crypto exchanges becoming a den for illegal activities.

Partnered with Jumio

Klever Exchange has taken this very seriously and has partnered with Jumio, an online mobile payments and identity verification company that provides card and ID scanning and validation products for mobile and web transactions.

Jumio will provide a global AI-driven and biometric identity verification solution for its Klever Exchange service. It will integrate Jumio’s identity solution; making KYC registration of new users simple, secure, and complete in fast, automated user onboarding compliant with know your customer (KYC) and anti-money-laundering (AML) regulations.

Concerning this partnership with Jumio, Klever CTO Bruno Campos said:

“We are proud to work with the most accurate and comprehensive identity verification solution company on the market to make the Klever Exchange user registration experience as accessible and seamless as technically possible.”

The major reason for Klever selecting Jumio is that it supports more than 3,500 different ID documents from more than 200 countries and regions, giving Klever Exchange global coverage.

Safety comes first

The safety of the users' funds is one of the top priorities of Klever and it also helps in keeping bad actors off our platform. This not only serves users, but it helps the health of the entire cryptocurrency industry and maintaining the integrity of the financial system.

Though there are many exchanges today that offer no KYC, there are many limitations on trading and withdrawals. Users' access to no-KYC crypto exchanges is limited, whereas Klever Exchange provides complete access to users with KYC

This helps users to increase their volume of trade, withdraw to a maximum, pay low trading fees and most importantly, a very simple interface to complete KYC in minutes

With all these features, Klever Exchange is definitely a good choice for any person who wishes to enter the crypto space bandwagon.

Jagdish Kumar
Klever Writer