Built on institutional-grade infrastructure, Ndax offers one of Canada’s most extensive selections of digital currencies, along with deep liquidity pools. The company has strong banking partnerships, facilitating fast, simple, and secure deposits and withdrawals of Canadian dollars. Known for its commitment to low fees, transparency, and excellent customer service, Ndax is positioned as Canada’s most advanced cryptocurrency trading platform.

The Challenge

As Ndax’s business operations expanded and their user base grew, they recognized the critical need for a scalable and compliant verification solution. Their existing verification provider couldn’t handle the increased demand for quick and smooth user onboarding. Ensuring regulatory compliance and operational efficiency became top priorities for Ndax.

Why Sumsub?

Ndax selected Sumsub for its comprehensive, AI-powered AML Screening and Ongoing Monitoring solutions, which significantly enhanced the platform’s monitoring capabilities and helped detect high-risk users. This choice was driven by Sumsub’s ability to provide a seamless and automated verification service that could keep up with Ndax’s growth and compliance needs.

The Solution

Sumsub’s suite of features has been instrumental in helping Ndax stay compliant with regulations and streamline the user onboarding process. Key features include:

• ID Verification: Ensures the authenticity of user-provided identity documents
• Liveness Check and Face Match: Ensures that the user is a real person and that the provided identity documents match their live appearance
• Proof of Address Check: Confirms user residency through address verification
• AML Screening: Includes checks for international sanctions, politically exposed persons (PEPs), watchlists, and adverse media.
• Automated Corporate Registry Check: Simplifies the verification of corporate entities.
• Legal Entity Check: Verifies the legitimacy of business entities.

Julia Baranovskaya

CCO, CFE, CAMS, CCI

Sumsub’s Ongoing Monitoring and User Verification features have significantly improved our onboarding process, making verification more efficient and enhancing user satisfaction and experience.

Implementation

Adopting Sumsub’s solution was straightforward for Ndax. The integration process was smooth and completed quickly, allowing the company to scale operations without disruption.

The Results

Since integrating Sumsub, Ndax has experienced significant improvements:

• Onboarding Time: The time required to onboard new users has been reduced to just 17 seconds, greatly improving the user experience.
• Pass Rate: Successful user approvals have risen to 93.2% on average, enhancing user satisfaction and platform trustworthiness.

Julia Baranovskaya

CCO, CFE, CAMS, CCI

Partnering with Sumsub has been crucial for Ndax, enhancing efficiency, compliance, and user satisfaction. This collaboration highlights how innovative verification solutions can drive business growth and improve operational effectiveness.