ChangeNOW Updates: Verification Cases and Future Plans

ChangeNOW.io

Yesterday evening we received a legal opinion which lets us consider all cases with clients who haven’t passed the KYC procedure ready to be closed. Therefore, we are releasing this public statement in order to get our position across as clearly and transparently as possible, and also reveal some of our plans for the nearest future.

Here’s a recap of what originally happened:

As an exchange service, we comply with market standards and legal requirements that any exchange service must comply with. We don’t have any mandatory account creation required, however, we have a risk management system implemented — if the transaction is marked suspicious, the user in question is asked to pass the KYC procedure. This is clearly stated in our FAQ, Terms of Use, and Privacy Policy, and one automatically accepts them when using ChangeNOW.

There was a customer whose activity was deemed suspicious by our risk management system. We asked them for their ID in order to pass KYC. They sent us a fake ID which prompted an investigation, during which his funds were frozen on a cold wallet, only to be released when the situation clears up. They sent us another ID later, which was also fake, according to our investigation.

What was our main concern?

The sort of users’ behavior described above is a red flag for our systems, so we had to launch an investigation and make a decision on its outcome, which, in turn, took some time.

What was happening on our side while we were dealing with the problem?

What conclusions have we come to and what is going to happen now?

We have made several conclusions, a part of which regards our clients who have refused to pass KYC, and another part — our service in particular.

First, the customers who haven’t passed KYC on ChangeNOW:

About our service:

To sum up:

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
ChangeNOW.io

ChangeNOW is an instant cryptocurrency exchange service for limitless crypto conversions. We support over 200 coins and are account-free! https://changenow.io/