Leading cryptocurrency exchange STEX is partnering with Ondato, a leading Know Your Customer (KYC) and Anti-Money Laundering (AML) platform, ensuring STEX’s continued customer growth and compliance with imminent new EU regulation of crypto-assets.
With more than 300,000 users worldwide, STEX is a global cryptocurrency exchange that makes it easy to buy, sell and invest digital currencies from one fast, and convenient platform at low competitive rates. The variety of listed coins and trading pairs attract users to join the platform and become a participant in the crypto world. Cooperation with major partners provides users with the opportunity to purchase crypto with credit or bank cards, Apple Pay, iDeal, SEPA, and exchange fiat to crypto or crypto to fiat with a few swipes on their mobile device.
Multiple choice eases tradings. On a par with main cryptocurrencies such as Bitcoin (BTC), Tether (USDT), Ethereum (ETH) STEX supports and allows to trade on smaller altcoins.
STEX provides regular or reduced trading fees for our users after verifying their data.
The size of the fee depends on the Verification Level – there are 3 levels from 0.1% up to 0.2%. If you’re a verified user, your transactions fees will be the lowest, while they will also increase if you aren’t verified. This makes identity verification a core component of the STEX operation.
The verification process has been crucial from the beginning of their operation. However, considering the annual growth of the business the existing verification methods used by STEX are not enough to cover the needs. For this reason, STEX teamed up with Ondato to enhance their onboarding for those users who want to become verified.
STEX uses automated identity verification that relies on a user’s selfie and ID document photos to tell whether the user is genuine. The service uses AI-based recognition tools that recognize various documents and use the gathered data to cross-reference it with various registries. There is also added customized forms created uniquely for STEX to help users quickly fill out the necessary data for KYC checks.
This approach incentivizes users to verify and increase their earnings when trading cryptocurrencies. On the other hand, seeing how cryptocurrency trading platforms see a push for higher regulation could mean that STEX could only expand their currently used verification model without reinventing the wheel in the case of stricter KYC rules. For them, adapting to a changing landscape would be easier as all Ondato solutions are easily scalable. This takes care of their current needs and the needs they will have in the future that they might not even know about yet.