SINGAPORE, Jan. 28, 2022 /PRNewswire/ — BingX is proud to announce its partnership with Sumsub, an all-in-one suite for identity verification, compliance, and automated fraud protection.
As a social crypto exchange, BingX operates in a regulatorily sensitive space where safety, compliance, and KYC are paramount. To rise to this challenge, BingX will be integrating Sumsub’s KYC system, which uses advanced AI technology to detect and prevent potential cybercrime.
BingX users will now go through a two-step verification process by 1) providing a photo of their ID and 2) passing a biometric liveness check. For users, this process is fast, transparent, and easy. For BingX, it promises to build trust and accelerate global expansion.
“One of BingX’s overarching objectives this year is to make its services more easily accessible. At times, the KYC and compliance requirements can be tiring and could dissuade new users from completing registration. We want our users to have the best experience from start to finish. What better way to start the year, than making our KYC steps for our users easier to complete. This partnership between Sumsub and BingX will serve as a strategic move that will simplify the KYC process; attracting more users to our platform while giving us a competitive edge in the crypto market space.” – Communication & Partnership Manager at BingX, Elvisco Carrington
“We are happy to support BingX’s mission to create a leading social crypto exchange network by providing verification procedures compliant with local and international AML regulations. We are here so that BingX can entirely focus on enhancing their products and services for their growing customer base.” – Co-founder of Sumsub, Jacob Sever
Founded in 2018, BingX (www.bingx.com) is a global digital asset, spot, and derivatives trading platform that provides a user-centric and open ecosystem with intuitive social trading features. Created to enrich the entire cryptocurrency industry, BingX is a safe, reliable, and user-friendly venue for users to trade their favourite assets, such as Cosmos, AXS, Chiliz & DAO.
Founded in 2015, Sumsub is a leading identity verification platform providing an all-in-one technical and legal toolkit to cover KYC/AML needs. Sumsub helps businesses convert more customers, speed up verification, reduce costs, and fight digital fraud. Relying on machine learning and artificial intelligence, its solution works globally, with support for 6,500 document types from over 220 countries and territories.