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CoinEx: The Road to Compliance: Pursuing Compliance Based on Business Growth

2022-03-08 02:34:43

As the crypto market continued to surge in 2021, listed companies like Tesla started to include Bitcoin in their portfolio. Confronted with the growing impact of cryptocurrencies on financial markets, state regulators had to face up to the crypto industry.

As a global crypto trading platform, CoinEx has long started to build a professional team for crypto compliance and speed up the pace of its compliance efforts on a global scale. The exchange got the MSB license in December 2021 and has been applying for the relevant license in multiple countries, which prepared CoinEx for compliant growth as it builds a global presence.

Seeking compliance through internal & external controls

As crypto assets boast features such as anonymity, borderless circulation, and efficient exchange, KYC/AML risk is one of the top concerns of state regulators regarding legislation on crypto trading platforms.

Backed by an independently developed trade matching system and smooth user experiences, CoinEx, founded in December 2017, strives to evolve into the most secure, stable, efficient crypto trading platform providing services for users around the world. In terms of compliance, the exchange focuses on both internal monitoring and external regulations. On the one hand, CoinEx is improving its KYC process. It has tightened its control of the entire process from identity authentication to risk screening while adhering to KYC and AML regulations in different countries. On the other hand, CoinEx is applying for the relevant license around the world to set an example for the crypto industry.

Furthermore, CoinEx has introduced a new channel called “Law Enforcement” on its website to further its cooperation with regulators all over the world. It is a gateway through which government agencies or individuals could ask the exchange to assist in law enforcement. This allows CoinEx to respond to public/private requests as soon as possible and comes as a gesture of the exchange’s commitment to compliance.

  • Internal monitoring

Internally, CoinEx has started to build a monitoring system and set up a compliance/risk control department to take actions, covering the real-name authentication of large transactions, the suspension of suspicious transactions & accounts, etc. CoinEx will continue to implement KYC measures targeting all users as long as they are still using the platform. Moreover, the exchange has been improving the internal monitoring system from a technical perspective to meet AML requirements on a global scale and make sure that no illegal activities are conducted on CoinEx.

  • External regulations

Externally, since 2021, CoinEx has embraced compliance investigations in multiple countries to speed up the process of global compliance. When operating in countries and regions that have already issued regulations/policies pertaining to crypto exchanges, CoinEx has adhered to all local policies. In addition to the MSB license, CoinEx is also applying for licenses elsewhere to make itself fully compliant on a global scale.

As the blockchain industry achieves rapid growth, regulators in different jurisdictions will also respond to the relevant changes. At CoinEx, the compliance department has focused on global regulations, keeping track of the latest policies on crypto exchanges around the world. Putting users first, CoinEx makes its users feel more secure while identifying the ideal level of compliance. It aims to become a global, compliant, and professional crypto exchange. The MSB license is a signal that CoinEx will speed up its efforts for global compliance.

Following mainstream trends & Becoming more compliant

From a global context, the sooner an exchange completes the process of global compliance, the more state regulators recognize its compliance efforts, and the more licenses it obtains, the more advantages the exchange will have in building a global presence. When trying to meet compliance requirements, crypto exchanges must regulate themselves internally and externally. This is the direction in which CoinEx is heading. It is striving to become more compliant while following mainstream trends. 

CoinEx believes that global compliance will facilitate the regulated growth of the crypto industry and lead to an industry-wide “reshuffle” of crypto exchanges. For CoinEx, only compliance can hold the team together, accelerate its globalization process, and even change the entire industry for the better, thus promoting the sound long-term growth of the crypto market

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