BingX adds Sumsub’s KYC capabilities to expand social crypto exchange

Rick Steves

The partnership with Sumsub will help BingX build trust and accelerate global expansion by enhancing its compliance capabilities in order to obtain authorizations by regulators in order to operate in key jurisdictions.

BingX has partnered with Sumsub, an all-in-one suite for identity verification, compliance, and automated fraud protection, in order to rise to the Know-Your-Customer (KYC) regulatory challenge.

The crypto exchange will be integrating Sumsub’s KYC system, which uses advanced AI technology to detect and prevent potential cybercrime.

From now on, the onboarding process at BingX will consist of a fast, transparent, and easy two-step verification process by: 1) providing a photo of their ID and 2) passing a biometric liveness check.

Compliant with local and international AML regulations

Elvisco Carrington, Communication & Partnership Manager at BingX, commented: “One of BingX’s overarching objectives this year is to make its services more easily accessible. At times, the KYC and compliance requirements can be tiring and could dissuade new users from completing registration.

“We want our users to have the best experience from start to finish. What better way to start the year, than making our KYC steps for our users easier to complete. This partnership between Sumsub and BingX will serve as a strategic move that will simplify the KYC process; attracting more users to our platform while giving us a competitive edge in the crypto market space.”

Jacob Sever, Co-founder of Sumsub, said: “We are happy to support BingX’s mission to create a leading social crypto exchange network by providing verification procedures compliant with local and international AML regulations. We are here so that BingX can entirely focus on enhancing their products and services for their growing customer base.”

The partnership with Sumsub will help BingX build trust and accelerate global expansion by enhancing its compliance capabilities in order to obtain authorizations by regulators in order to operate in key jurisdictions.

BingX was founded in 2018 as a global digital asset, spot, and derivatives trading platform providing user-centric and open ecosystem with intuitive social trading features.

Sumsub offers an all-in-one technical and legal toolkit to cover KYC/AML needs that relies on machine learning and artificial intelligence. The platform supports 6,500 document types from over 220 countries and territories.

BingX wins Best Crypto Broker/Exchange at TradingView’s 2021 Broker Awards

The Singapore-based social trading platform has won the Best Crypto Broker/Exchange at TradingView’s 2021 Broker Awards.

During 2021, BingX achieved key milestones in both product function and asset security, including BingX’s Feed, an innovative social trading feature that connects users with the opinions of professional traders in real time.

BingX listed hundreds of cryptocurrencies in 2021 and expanded its presence in new markets located in Asia and Europe thanks to its partnership with several fiat gateway services, including AdvCash, Paxful, and Coinify.

BingX enables users to buy and trade cryptocurrencies from the majority of exchanges, offering a single platform for all needs that a user might have.

“Being recognized as the Best Crypto Exchange/Broker in 2021 by TradingView means a lot for BingX. However, none of this could be possible without the support from our loyal customers and fans. The team at BingX is sending a big shoutout to all of those who took the time from their busy schedule to vote for us on TradingView. This year, we hope to set greater milestones, while creating endless possibilities for our users”, Elvisco Carrington said.

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