EXMO announces important changes in EX-CODEs. If you use EXMO codes, be sure to read this article.
When we created EX-CODE, we thought of it as a method that expands the possibilities of deposits on EXMO. Small exchange services that usually tended to have more deposit methods acquired a new convenient tool for the traders. But over time, we noticed that EX-CODEs became a tool for anonymous funds transfer mostly, and not just a convenient deposit method as we implied it to be.
EXMO is registered in the UK and endeavours to comply with the UK and European legislation. Following the latest FATF recommendations, EXMO will reorganise the EX-CODE service from 01st October 2020.
FATF (Financial Action Task Force on Money Laundering) is an intergovernmental organisation that develops global standards to combat money laundering and the financing of terrorism (AML/CFT). It also carries out compliance assessments of national AML/CFT systems.
Currently, 37 countries and two international organisations are members of the FATF, while 23 organisations and one state (Indonesia) are observers.
Basically, the main concept stays the same: EXMO Gift Card is a code (a number of symbols) or a scratch card that a user can use to top up his balance or give it as a gift to a friend.
For cryptocurrencies: the possibility to generate and activate the EXMO Gift Card stays the same. This option will still allow you to exchange cryptocurrency with EXMO users instantly without blockchain.
For fiat currencies: there will be only one option left – to activate the EXMO Gift Card. The ability to generate Gift Cards will only be provided to exchange services after passing a special verification.
The emergence of EXMO Gift Card is a logical and consistent step in the development of the EX-CODE deposit method beloved by users. EXMO Gift Card will maintain the most important advantages of the EX-CODE – the ability to top up your balance using the wide possibilities of exchange services, and at the same time ensure compliance with the strict requirements of European legislation.
The exchange service status will allow generating new EXMO Gift Cards for fiat currencies via both the WEB interface and the API. At the same time, such accounts will not have the option to activate EXMO Gift Cards for fiat currencies (except for activating their own EXMO Gift Cards).
For certification as an exchange service, you must:
The certification of exchange centres opens today. Exchange services must create a ticket with the corresponding request via EXMO Support Service or by emailing [email protected] com.