How Xena Exchange Gained Regulator Trust With Exhaustive Reports
25 000+ customers
1.8M daily trading volume
21M monthly trading volume
As a young, legal by design company, Xena Exchange needed a comprehensive solution and a provider who could work with GDPR, cryptocurrency, perform KYB/KYC, and fulfill a mix of the following requirements coming from several jurisdictions, some of which demanded human-assisted verification only.
Xena Exchange operates with a set of instruments to provide entities with the opportunity to buy, sell, and trade cryptocurrency, as well as crypto-derivatives.
As a young international trading platform broadening its reach, Xena Exchange had to automate their routine processes, including KYC/KYB and AML. They needed not one, but multiple solutions that could be easily integrated, accessed, and supported through a unified gate.
Dashboard & reporting that fit regulatory demands of FATF, FCA, etc.
Automated KYC/AML and onboarding that could benefit the prospects funnel
Corporate client check to verify legal entities and UBOs
Cryptocurrency transaction monitoring
International coverage of the countries Xena Exchange works with, particularly in the CIS region
Ongoing user and tech support with 24/7 accessibility
Confident presence worldwide
Comprehensive dashboard with reports accepted by the strictest regulators
KYB for corporate clients
Enhanced due diligence for crypto transactions
“Just recently FCA reached out to us, inquiring about Xena Exchange’s internal KYC/KYB mechanisms. We were able to prove our compliance to AML guidelines by supplying the regulator with all the information gathered in automatically generated reports.”
Manage applications and create exhaustive reports
The dashboard gives Xena Exchange an advantage to manage their applicants themselves, view the history of an application and decide if they want an application approved or declined in a particular case. The company most frequently uses the automated mode with manual verification, in cases when the country regulations demand human-assisted checking.
The reports that can be automatically generated from the dashboard document all interactions, and have already been accepted by FCA regulators which have no further questions about the exchange.
Engaging user and corporate onboarding following FATF and FinCEN guidelines
The Sumsub system was integrated and implemented directly into the Xena Exchange platform in just a couple of hours, with a simple and intuitive user interface and the capacity of processing a constant stream of applicants. Xena Exchange was able to offer their individual and corporate clients easy and fast onboarding, UBO disclosures, and ultimate security combined with the wide variety of their trading features and instruments, all compliant with relevant Xena Exchange regulations.
Ongoing cryptocurrency transaction monitoring
Monitoring large volumes of activity across Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), ERC20, and ERC721 tokens enabled identification of high-risk transactions, automatically finding connected paths, and exposing financial crime suspects, all backed up by reports used in AML/CFT reporting worldwide.
Global support and international coverage
Support, even when the problem is minor
Sumsub user and technical support enabled Xena Exchange to resolve all of their questions faster and more professionally, starting from helpful short updates in the dashboard on newly developed features to legal support on complex regulatory inquiries.
“Sumsub equipped us with an ultimate identity verification algorithm – a tool that so far hasn’t let us down once. We are in control of every applicant, backed up by exhaustive reports, legal and technical advice provided to us at any time we are experiencing difficulties with intricate demands of FCA or FATF.”