Know Your Customer, refers to a process that a company uses to confirm the identity of its user or customer. The robustness of KYC procedures varies across companies and jurisdictions. KYC fundamentally involves the collection and verification of a customer’s means of identification — including government-issued identity cards, phone numbers, a physical address, an email address, and a utility bill.

Continuous monitoring of transactions ensures regulatory compliance, identification of suspicious activities and risk management. The available information allows examining how exchanges handle these stages. Crypto exchanges are divided into two groups: the “fiat-to-crypto” and “crypto-to-crypto” exchanges. Fiat-to-crypto exchanges are the gates for new fiat money to enter the cryptocurrency market. These exchanges allow users to exchange fiat currencies like US dollars or Euros to digital currencies like bitcoin. Crypto-to-crypto exchanges, on the other hand, primarily allow users to exchange one cryptocurrency for another.

The main expense of any crypto-exchange is customer support: conducting KYC procedures, constant monitoring of customer reputation, and implementation of technical support.

SwapZilla will completely eliminate these costs from our partners. When registering, all clients will go through a single KYC procedure and will get an access to a single SwapZilla wallet opened on each partner crypto exchange. We will independently monitor the reputation of SwapZilla’s users and interact with the banks and regulatory organizations. A round-the-clock, multilingual technical support centre will also be created, which will give us an opportunity to solve all the problems and issues that might arise without involving the crypto exchange itself.