Lifting Ticket and Verification Systems at CEX.IO

Lifting Ticket and Verification Systems at CEX.IO

Dear CEX.IO users, 

Over the past month, we have been experiencing an extraordinary growth in the industry and in terms of user activity on CEX.IO as well. The number of registered accounts on the exchange crossed 1 million and we are extremely grateful for your trust in our service. 

However, any abnormal activity, even taken from a positive perspective, can lead to operational issues and unexpected delays. A huge overload on our support and compliance teams was one of such issues we faced at CEX.IO. With this post, we would like to apologize for any inconveniences that you may have experienced because of this, clear the situation, and share our measures of bringing CEX.IO service back to the normal operation speed.

Scaling Support and Compliance Teams

We have managed to build a strong and professional support team that is assisting CEX.IO users 24/7 in any issues. Considering the recent unprecedented growth, we have decided to triple our support team to meet the needs of all the users. Compliance team that is in charge of verification procedures is experiencing a 3-times scaling as well. We consciously undertook the challenge to speed up the training for new employees without losing quality and assure you that pending support tickets will be handled in the nearest time. 

Verification Requests and Payment Transactions

As you know, CEX.IO is registered in the UK and has MSB status in FinCEN (USA). Our position requires full execution of AML/KYC policies and compliance with legislation. We value legitimacy of our business and believe that it creates a positive impact on the industry in general. 

Even considering partial automation of compliance procedures and full-time operation of the team, we faced some delays with processing verification requests. CEX.IO has a multi-level account system, and moving from level to level requires submission of additional documents verifying user’s identity and/or source of their finance. Documents are to be checked only manually by professional compliance officers in order to prevent fraud cases. Transaction monitoring is also a part of the AML policy, which means that some deposits and withdrawals are processed manually after reaching certain triggers. Respectively, the inflow of new users and their will to raise financial limits are the reasons for delays in request processing.  

Fortunately, CEX.IO compliance team is now tripling and will soon be able to handle the volume, as said before.

Conclusion 

Considering all above mentioned, we kindly ask you for understanding and patience, while we are raising support and compliance capacity. Our goal is to deliver the best experience to you and we are doing everything possible to reach it.