Yes, the user will be able to check their cryptocurrency across 26 blockchains directly on our platform. At the moment, none of the popular platforms for regular users offer support for such a wide range of blockchains.
At the same time, a low-risk result does not provide a 100% guarantee that an exchange will not be suspended. As a financial company, we are required to comply with applicable legislation and apply a combined risk profile based on multiple factors, not solely on the AML check result.
However, a strong AML report significantly reduces the risk of blocking or suspension.
So, regardless of the AML result, the risk of taking user funds still exists. It sounds like a waste of time, but ok, it's not your fault, but the desperate AML procedures.
Is the AML check done before any transaction or during order execution?
Have you tried to talk to your partners about this issue and, for example, to automatically accept everything below a certain percentage of the risk score because it comes from a verified partner, your platform
Good afternoon.
The wording regarding the alleged seizure of user funds is incorrect. If a user’s funds are flagged as high risk based on the AML check, an additional verification is initiated. If the user successfully passes this verification and confirms the legal origin of the funds, the transaction will either be returned or processed accordingly.
If the legal origin of the funds is not confirmed, further actions are carried out strictly in accordance with applicable laws and suspicious transaction reporting requirements. In all cases, neither the exchange service nor the exchange itself appropriates user funds or uses them for its own purposes.
At this moment, we have agreed with KuCoin on the possibility of checking client wallets before an order is created. This functionality has already been implemented on our website. However, this is a temporary measure, and we plan to discontinue it in the future.
