Being registered in the Republic of Lithuania, EXMO.com is a global exchange which is based in the United Kingdom, Ukraine, Poland, Lithuania, and the United States. It has currently more than 1 million users across 170 countries.

EXMO.com envisions a world where crypto is in every wallet. They want to achieve this by making crypto as accessible as possible to everyone through OTC trading, API, a mobile app, and their Earn program.

The Challenge

EXMO.com needed a solution to reduce manual work and streamline the customer onboarding processes. Prior to using Sumsub, they had a manual verification process in place, which made it difficult to scale and prevent fraud at the same time.

Since EXMO.com operates in 180 countries, they needed support for a range of documents for regions across the world.

Why Sumsub?

EXMO.com evaluated several verification providers. Ultimately, Sumsub stood out due to its comprehensive document handling capabilities, address verification, support for various languages, OCR engine, user-friendly features, and reliable customer support. Sumsub’s holistic approach, reasonable pricing, and transparent conditions sealed the deal, promising to help EXMO.com speed up user onboarding and prevent fraud.

Artem Artemov

Senior Product Manager

At the beginning of September 2023, we switched all remaining countries to Sumsub, and now, all our customers use Sumsub as a verification service.

The Solution

Sumsub’s KYC solution ensures accurate and reliable verification of EXMO.com’s users. In addition, Sumsub’s compliance features, including AML checks, help the company to maintain regulatory compliance effortlessly. Sumsub conducts checks against global watchlists and databases, giving EXMO.com’s dedicated compliance team peace of mind. 

EXMO.com currently uses the following Sumsub’s features:

• CPF verification for Brazil
• Questionnaires
• NIN verification for Nigeria
• India ID card validity check
• Proof of Address Check
• Ongoing AML monitoring
• Ongoing ID document monitoring

Also, Sumsub’s user-friendly interface, customizable workflows, and ongoing monitoring capabilities have been immensely valuable in enhancing EXMO.com’s operational efficiency:

Artem Artemov

Senior Product Manager

Sumsub solves a critical problem for our team – verification speed. Also, it ensures regulatory compliance through comprehensive AML checks, mitigating risks, and meeting industry requirements. With ongoing monitoring capabilities, Sumsub helps us stay updated on customer risk profiles.

Implementation

The entire product integration process, including the migration and testing period, took around 12 months. Sumsub’s consistent support throughout the process made the transition seamless.

The Results

After switching to Sumsub, EXMO.com experienced a 15-fold reduction in verification time during the first quarter following implementation.

Future plans

In the near future, EXMO.com plans to integrate Sumsub’s KYB and Document-Free Verification solutions, as well as expand to new regions.