Yes. As a compliant product, ONCHAIN® Ramp incorporates robust AML/CFT measures that require end-users to complete a Know Your Customer (KYC) process before purchasing crypto. This is a critical step in ensuring both regulatory compliance and the security of transactions.
How KYC is Applied
Tiered Verification:
For low-risk, low dollar-value transactions, users may only need to provide basic information. However, if an end-user engages in repeated transactions or initiates higher-value purchases, the platform will require enhanced verification to mitigate risks.Streamlined Process:
ONCHAIN® Ramp leverages Sumsub, an industry-leading verification platform known for its efficient and secure KYC processes. Sumsub’s robust system is trusted by notable companies such as Duolingo, Gate.io, and Mercuryo, ensuring that the verification process is both seamless and secure.Ensuring Compliance:
By enforcing KYC procedures, ONCHAIN® Ramp not only meets regulatory requirements but also fosters a safer ecosystem for token-based projects and their users. This proactive approach helps protect against fraud and illicit activities while upholding the integrity of the platform.
The End-User Experience
While the KYC process is essential for security and compliance, ONCHAIN® Ramp is designed to keep the experience as user-friendly as possible. Basic verifications are quick, and additional checks are only required when risk factors are detected. This balance ensures that users can enjoy a smooth onboarding experience without compromising on safety.