THE EQONEX CRYPTO GUIDE AND LEARN HUB
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EQONEX and Security

July 1, 2020

At the dawn of digital asset trading, there were few regulatory systems in place to control the type of traffic exchanges received. Because of hacks, ill-usage, and extensive anonymity, these early experiences contributed to a somewhat shady reputation the crypto world is still battling. As the industry has matured, industry players have developed infrastructure and protocols to reduce the prevalence and ease of criminal activity from occurring. In the recent years, more and more exchanges are investing more in the resources to support Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies and procedures.

KYC and AML practices are important to avoid illegal and unscrupulous activity on trading venues and are common practice in the traditional finance world. We believe it is prudent to apply these policies universally across all asset trading. We would argue that because of the anonymous nature of digital assets, it is even more important to verify proof of identity to avoid malpractices such as money laundering or terrorist financing. Most digital asset exchanges provide tiered KYC, segregating users based on transaction values. While this practice is effective to an extent, we believe it is best to leave no room for error when approaching KYC and AML procedures.

Against this backdrop, we created EQUOS, a digital asset trading venue built for investors who wish to take advantage of the many opportunities in this emerging asset class with a partner they can trust to provide an innovative but transparent trading experience. We created a platform that conforms to traditional industry values that will benefit our customers by keeping their trading environment as secure as possible. We KYC our clients throughout their relationship with us as opposed to basing this on transaction values. While going through our KYC’s due diligence may seem onerous, it is a small price to pay for a white-glove trading environment.

All our employees go through KYC/AML training periodically through certified online platforms. Our KYC and AML processes and policies have been designed to align with industry best practice to give our clients the peace of mind. Our Chief Compliance Officer Malcolm Wright is also part of an industry body, Global Digital Finance (GDF), that is helping digital asset companies globally comply with the vast array of regulatory guidelines. We worked with organizations such as GDF to create our compliance policies and bring traditional finance security to a world that is still lacking clear regulation in many jurisdictions.

EQUOS creates and enforces industry and professional regulations and standards to protect our investors. We operate under Singaporean jurisdiction, which means that we follow their regulations and abide by their industry standards and we have implemented checks and balances to ensure our clients’ safety. Our policies are built on ethics, transparency, and professionalism. To bridge traditional finance and financial technology, EQUOS leveled the playing field by embodying a platform that all traders, institutional or retail, can enjoy without worrying about trading with the bad actors — now all they have to do is trade.

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