On the cex.io crypto exchange, you can now complete the account verification procedure with Telegram Passport by logging into your account via Telegram.
Crypto exchange cex.io is one of the popular crypto platforms among Russian-speaking traders, thanks to its user-friendly interface. Having started operating in 2013 in the UK with the provision of cloud mining services, the exchange offered its users full trading functionality already in 2015.
Registering an account on the exchange has always been simple and did not take much time. Now the exchange has added options for logging into the system via Telegram and going through the verification procedure via Telegram Passport.
The official CEX.IO blog provides detailed information on logging into an existing account via Telegram, just like logging in through any other social network. As an alternative to registering through Telegram Passport, the client is asked to enter a full package of his personal data, including identification of his personality and confirmation of his residence address with relevant documents.
The cex.io exchange attracts clients with the possibility of instant payments and withdrawals from bank accounts and cards. This may be why the platform strives for global customer verification.
Claims from banks for neglecting KYC principles often make it difficult for crypto platforms to operate. Telegram Passport, positioning itself as a unified authorization system for identification services, which began testing back in May, makes it impossible to anonymize transactions on a crypto exchange. A service for storing personal data of Telegram users allows you to identify the identity of the messenger user and escape anonymity. The principle of verification for cryptocurrency transactions threatens the basic principle of anonymity of cryptocurrency payments. The messenger itself defined Passport as a kind of KYC for ICO.
When launching a new service, Telegram placed special emphasis on protecting information with end-to-end encryption and storage in a decentralized cloud. However, this month Telegram updated its privacy policy. Among other updates, the messenger reserves the right to transfer personal data and IP addresses of persons accused of terrorism, but only by court order. Messenger believes that this potential disclosure of information will stop terrorist propaganda activities.. It is unknown whether the company will ever take advantage of such a right, but when entrusting their confidential information to Telegram Passport, each user must understand that it can be disclosed at the request of the court system.
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