One of the oldest cryptocurrency exchanges in the UK, CEX.IO has confirmed a 30% decrease in fraud after the KYC procedure upgrade in December 2018, the official press release states.
CEX.IO is a London-based cryptocurrency exchange which was established in 2013. It has approximately 2.7 million users across the globe.
Executive Director of CEX.IO, Vitaly Kedyk, says the main idea of KYC upgrade is to cut the number of actions required from the user and replace them with background checks.
"With the upgraded KYC procedure, CEX.IO is aiming at a zero-fraud service, which results in absolute security of customers’ funds. As of now, we are offering verification through the mobile app, but our system is able to work with all types of interfaces, including tablets and web," he added.