Thanks to Mati, we could become completely KYC / AML compliant within a few weeks. I remember before Mati, we had these endless discussions about how to comply with SEC, Fincen, or even CFTC regulations as they arise.
Can you explain us what problem you were trying to solve with Mati?
At Beaxy, since day one, we wanted to play the good and verify our users. Beaxy differentiates itself with two core values: being strong on KYC/AML checks, and being the first exchange to offer top tier trading tools applied to the crypto industry. Most platforms only give 2 or 3 order types. At Beaxy, we currently have 8, and releasing more every month.
For KYC checks, the issue for us was to find the right identity partner and to turn it into a competitive advantage. Most exchanges do not take identity checks seriously enough. But at Beaxy we perform a strong KYC check for every user that wants to access the exchange. With our current process, we have the highest standard of KYC/AML. Other thing is that we open our exchange to new countries all the time. Having a truly international identity partner was a requirement for us.
The process was so simple. The first day, Mati created a common channel on Slack, where both engineering teams could chat. The integration was blazing fast. The Web SDK took a few lines of code only!
In terms of KYC/AML, after signing up, users have access to our mock exchange, where they can discover all features. But as soon as they want to exit the sandbox and trade for real, they need to get verified. It's a simple 20 seconds process where they upload their ID and a selfie.
We thought that KYC was a terrible barrier of entry and that we would lose users. But on the contrary, our users take us even more seriously - and part of it is thanks to Mati!
What kind of information do you verify today with Mati?
Beaxy is a cryptocurrency exchange platform created in 2017. Its founders' obectives? Revolutionize crypto exchanges by bringing all of the tools and technologies that traders in traditional markets use on a regular basis to the cryptocurrency space for the first time. We recently met with Nick Murphy, its Executive Vice President of Operations, to understand why he originally chose Mati to support his business, and how he's using our User Verification platform today.
Executive VP Operations @ Beaxy
How went the integration?
INTERVIEW WITH NICK MURPHY