We have an update rolling out in the next 48 hours, its aimed at increasing security and AML compliance.
What’s changing?
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We will no longer manually conduct ID verifications or store users’ IDs. We are transferring that responsibility to one of the biggest and most trusted ID-verification companies, SumSub.com. We know new users are hesitant to share their data with a small business like ours, but that worry can be alleviated with SumSub, as even Binance uses them.
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Along with ID verification, our new system will run Anti-Money Laundering (AML) checks on your identity. If you are flagged in AML databases, you will not be able to use SWAPD (we must remain compliant, and the law requires us to conduct AML checks).
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New buyer thresholds: Previously, buyers could make purchases up to $5,000 USD without ID verification. This now changes to $1,000 USD. If the transaction is under $1,000, no verification is needed. If over, even buyers will need to verify.
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ID verifications will now be quicker—almost instant—compared to the old manual process we had for years (2-4 days).
This change will make SWAPD more secure because SumSub’s system is not as easy to deceive as the human eye. It conducts background checks, face scans, and liveness checks. This will weed out repeat offenders who keep signing up under different personas that were able to slip through our old manual ID-verification system.
Please note: Previously ID-verified members will not need to re-verify unless they are flagged for an AML check.