Paxful Crypto Exchange Integrates Jumio’s AI-Based ID Verification Services to Improve AML & KYC


Within nearly every jurisdiction at this point, the requirement for crypto exchanges to comply with both Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures as part of the identification process. In an effort to follow along with these protocols and ensure the safety of their user, the peer-to-peer Bitcoin marketplace Paxful has decided to team up with Jumio®, according to a press release on April 2nd. Jumio offers the Trusted Identity Service, which is supported by AI technology.

By implementing this new identity verification process, users can be sure that they have submitted the right documentation to prove their identity. Jumio’s technology has been used in many efforts to fight back against the fraud that runs rampant in the industry, and the onboarding of new users helps to strengthen the community that already comes from the Paxful platform. Paxful’s addition of Jumio’s ID verification processes.

Lana Schwartzman, the Chief Compliance Officer at Paxful, expressed that compliance and security are of the utmost importance at the company, adding that she holds the implementation of Jumio reflects those values. At this point, there are over 2 million customers connected through the P2P trading platform, and this capacity requires “strong security measures that align with a future goal of enhanced oversight and compliance.” With these changes in mind, Schwartzman is convinced that users will have “a better customer experience” with an “a greater degree of trust and transparency for all customers.”

The Trusted Identity Service through Jumio will allow Paxful to check the real-world identities of consumers, which is planned to go into effect sometime this month. Anyone that meets or exceeds $1,500 in trading volume or wallet activity will be subjected to the ID verification procedures. Anyone that goes beyond $10,000 in trade volume will have to add address verification as well.

Along with the addition of Jumio’s services, Paxful has just welcomed the new team for Compliance and Information Security. Schwartzman’s role will be as the Chief Compliance Officer, following 14 years of experience in both anti-money laundering and compliance. Before working with Paxful, she worked at Deutsche Bank and Morgan Stanley, as well as Grant Thornton.

The Paxful team also welcomes Dmitry Moiseev, who will take on the position as Information Security Manager. Moiseev comes in with over 12 years of Information Security, establishing himself as an expert with high-risk personal data security, especially as it pertains to the financial sector. He formerly worked with Western Union.

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