Simplex Payment Provider Cancels KYC for Transactions Under $150

News
Fri, 05/08/2020 - 07:02
Vladislav Sopov
Simplex is a leading provider of fraud-free payment technologies, well-known for its crypto-to-fiat solutions. Now it announces a very attractive offer for crypto newbies
Cover image via stock.adobe.com
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Simplex has pioneered many interesting solutions in payment processing for cryptocurrency services. Its latest offer makes the experience for those who are purchasing coins for the first time a bit easier.

No KYC under $150

Simplex payment provider team has announced that it has decided to cancel all KYC ('know-your-customer') checks for users whose transactions don't exceed $150. Simplex has implemented such a measure to improve the new user adoption process. All platforms that use Simplex-fueled solutions for fiat processing are eligible for the new offer.

Image by Simplex

Explaining the motivation for this program launch, the Simplex team highlighted that KYC proceedings are usually very lengthy for those purchasing their first small amount of crypto. So, the sum of $150 seems best to facilitate the process of new users on-boarding without sacrificing the unmatched level of security guaranteed by Simplex fiat paygates.

This offer is a part of a complex program of perfecting the flow of the crypto onramp experience for users globally. Newly introduced features from Simplex include 40 fiat currencies and 20 cryptocurrency tokens at press time.

Advanced crypto-to-fiat experience

Typically, cumbersome KYC checks (also known as AML - 'anti-money-laundering' and ATF - 'anti-terrorist-financing') include uploading a scanned copy of an ID, proof of income, proof of residence etc. Such verification may take days or even weeks in times of high trading volume. Also, many regions around the world are KYC-restricted in different services due to political and economic issues. Thus, the cancellation of KYC for small sums seems to be a really important and prudent step by the leading payment provider.

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DAI Stablecoin Fiat Purchasing Now Avaliable on Simplex

Simplex is an EU-based financial institution addressing infrastructure for cryptocurrency services. Simplex offers a unique 100% guarantee feature - in the case of a fraudulent chargeback, the merchant gets paid by Simplex. Its fraud prevention solutions are based on Artificial Intelligence performance, leaving no chance for scammers to access user funds.

Both debit and credit cards from all of the most popular systems are supported by the Simplex mechanisms. Many industry-level cryptocurrency ecosystems (e.g. Binance, OKEx, KuCoin) are using Simplex-powered solutions to accept credit cards and other fiat payment tools.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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