Following the third day of reactivating its decentralized exchange (DEX), Aphelion released an update regarding know your customer (KYC) verification, broker-dealer status, answers to popular questions, next steps, and more.
On December 31st, the Aphelion DEX relaunched onto MainNet and upgraded its wallet to v3.3.3. Trading on the DEX is available through desktop, iOS, Android, and mobile web. Additionally, Aphelion dropped its native token, APH, as a quote currency and replaced it with Alchemint’s SDUSD stable coin.
Know Your Customer (KYC)
Aphelion purports the re-launch of its DEX was smooth and that hundreds of users have submitted their KYC information.
Aphelion recently partnered with KYC compliance solution Identity Mind Global, which will allow the company to avoid SEC persecution by excluding US participants. NEO News Today recently covered the partnership.
As part of the KYC collection process, Identity Mind Global hashes and encrypts a userid for approved users and stores it on the blockchain, acting as a whitelist for approved wallet addresses. Aphelion states it does not store or use any private information as part of the process.
If participants have any questions about the KYC process, they are encouraged to join the Aphelion Telegram group.
Aphelion iterated that it is “fully aware that many users are not keen to KYC” and that it has “anticipated that would impact volume.” As part of a long-term solution, Aphelion will seek to open its trading platform in the US markets as a broker-dealer.
If and when Aphelion can acquire a broker-dealer license, users will legally be able to buy and sell securities on its DEX.
Aphelion has addressed a slew of questions with regards to manual review of KYC information, coin listings, and more.
In response to reported issues with submitting KYC information via iOS, Aphelion acknowledged the issue and noted it is working on a solution. In the meantime, it suggests individuals complete the process using a desktop or Android device.
Regarding queries about the manual KYC review process, Aphelion stated that approvals and denials should be made within 24 – 48 hours. Email responses should be received with outcomes.
Aphelion also recognised an issue with the SDUSD markets and expects to provide a solution no later than next week. Additionally, the team hopes to list the NOS token shortly.
Aphelion aims to obtain its broker-dealer license, and pursue cross-chain trading functionality. Additionally, the project will seek to increase traffic via strategic initiatives, partnerships and paid campaigns, and release its API in January of 2019.
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About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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