Utorg Exchange Grants Access to Traders With Limited Verification

Utorg Exchange Grants Access to Traders With Limited Verification

Utorg.io is a digital asset exchange based in the U.K. that allows users in Europe and around the world to trade cryptocurrencies with stablecoins and fiat money. What sets the new platform apart from many incumbents is the simplified verification procedure for traders who don’t exceedа daily limit of $1,000. Its decision to provide a no-KYC option comes amid regulatory developments that require crypto companies to introduce stricter know-your-customer procedures.

Also read:Poloniex Restores Unverified Accounts With Unlimited Trading Former Exmo Executive Appointed CEO of Utorg

Utorg crypto exchange, which launched earlier this year, promotes itself as a practical platform providing customers with extensive capabilities in terms of a functional interface and trading features. Its team insists that unlike most competitors, their project is not focused solely on speculative trading but instead aims to solve tasks for businesses such as mining enterprises and private individuals who use cryptocurrencies in their day-to-day dealings and operations.

The exchange supports a dozen trading pairs with a couple of major cryptocurrencies, BTC and ETH, perlin (PERL), the stablecoins USDT and BUSD, and three fiat currencies at the moment – U.S. dollar, Russian ruble and Ukrainian hryvnia. Maintaining a variety of convenient deposit and withdrawal methods is one of its strong sides. The long list includes bank transfer, major credit cards such as Visa, Mastercard, and the Russian Mir as well as popular payment processors like Qiwi, Yandex money, Webmoney, Advcash, Capitalist, and Payeer.

Pavel Lerner, former Managing Director of Exmo, which is arguably the largest crypto exchange in the post-Soviet space, was recently appointed CEO of Utorg. The experienced blockchain veteran, IT specialist and crypto entrepreneur, well-known in the region’s crypto space, had been advising the project’s team since 2018. In his address to Utorg’s customers, Lerner assured the exchange is working to add new pairs while maintaining liquidity and stability. No KYC Option Available With $1,000 Daily Limit

The London-headquartered startup is obviously targeting countries like Russia and Ukraine. However, it also accepts signups from other jurisdictions where crypto exchange services are not prohibited by the law. As a European exchange, Utorg is of course subject to a new wave of hardening know-your-customer and anti-money laundering rules. The stringent requirements come with the crypto standards adopted by the Financial Action Task Force (FATF) this year and EU’s Fifth Anti-Money Laundering directive (AMLD5) which comes into force in January 2020 and has already forced some crypto businesses to shut down.

To create an account, you need to provide a valid email address and password and then activate your account following the link sent to your email. Once you do that, you can log in and set up your 2-factor authentication and activate an IP validation feature for additional security. If you want to pass ID verification you’ll be required to provide a copy of an ID document, a proof of address and a selfie with your passport. Although it increases limits on transactions involving fiat and provides access to a wider range of financial tools, the verification is not mandatory.

Utorg’s website states that traders who exchange up to $1,000 of assets a day are not required to pass KYC. Its decision to offer this option is part of a trend among crypto exchanges seeing their volumes hurt by expanding due diligence requirements. Another trading platform that recently addressed the concerns of the privacy-conscious crypto community is Poloniex. The exchange announced last week it’s beginning to unfreeze unverified accounts and will in the future accept more of this type of signups that come with some basic limitations.

Do you think more crypto exchanges will start offering simplified verification options? Share your expectations in the comments section below.

Disclaimer:This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any third party products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. Share this story: Tags in this story accounts, AML, AMLD5, Coins, crypto, crypto standards, Cryptocurrencies, Cryptocurrency, Customers, Dollar, Entrepreneur, Exchange, fatf, Fiat, hryvnia, id, KYC, limits, Pavel Lerner, Poloniex, procedures, ruble, Russia, Traders, trading, U.K., Ukraine, users, Utorg, Verification Related Coinbase Closes Earn.com One Year After $100M Acquisition EXCHANGES | Avi Mizrahi

Coinbase is shutting down the startup Earn.com which it acquired for an estimated $100 million last year. The email service… read more. Poloniex Restores Unverified Accounts With Unlimited Trading EXCHANGES | Lubomir Tassev

In times of mounting pressure on crypto companies to comply with expanding due diligence requirements, Poloniex has taken a step… read more. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration. Please enable JavaScript to view the comments powered by Disqus.