Every crypto platform has its own rules and policies depending on the services they can provide, the country where they operate, the requirements of partners, etc.
Some crypto platforms can only provide crypto to crypto exchange services. While others, like CEX.IO, support fiat to crypto operations. Any company that works with fiat money should follow the government regulations and requirements of banks and payment providers.
A lot of the crypto platforms have their own AML/KYC policy and others don't have it at all. Sometimes, indicating your name, date of birth, and the country of residence is enough to successfully pass the KYC check. Mostly, if you want to make card deposits and withdrawals or use a bank transfer option, you should provide additional information like your identity document and proof of residency.
With implementing the 5th AML directive by the European Union, every crypto platform should perform the strict AML/KYC check and report about the suspicious activity. The European Union is paying close attention to cryptocurrency and has established its first set of rules for how crypto exchanges must behave. A number of businesses that weren't regulated and didn't follow the requirements have been shutting down due to the extensive AML/KYC practices the new law calls for.
Processing fiat subjects any company to a lot of regulatory requirements, and many exchanges simply do not want that. CEX.IO is the opposite. We welcome regulation and we’ve held ourselves to high standards from the very beginning. Thanks to the strict AML/KYC policy, we've developed relationships with numerous banks and payment providers. Moreover, we strive to provide services around the globe and need to follow governmental regulations as well.
AML checks usually include transaction monitoring together with users' verification. If the platform is not careful about checking its clients, the source of their funds, and their trading activity, there is a risk for their bank accounts to be frozen. Sometimes, this can lead to suspending company operations.
When we ask you to provide some additional information about your identity or source of income, it doesn't mean we've detected suspicious activity on your account. We just need to follow the AML/KYC requirements and your local laws. Since we've proved ourselves as a reliable crypto platform, our existing bank partners trust us more and other banks want to work with us. This means we are able to provide more payment options for your best crypto experience.
When you choose CEX.IO, you take the side of the secure trading environment. Besides, passing the AML/KYC check you can benefit from:
fast card deposits and withdrawals in different fiat currencies (USD, EUR, GBP);
international bank transfers via SWIFT in USD, EUR, GBP;
domestic bank transfers via ACH (for USA residents), SEPA (for Eurozone), and Faster Payments (for GreatBritain residents);
deposits and withdrawals via other payment systems like Skrill and Epay.