UPay Technology LTD. Announces Strategic Partnership with Sumsub
We are excited to announce that UPay Technology LTD. has signed a partnership agreement with Sumsub, a major identity verification platform. UPay always strives to ensure that its cherished customers have a safe and reliable payment experience. Therefore, our collaboration with Sumsub will allow us to guard better against user’s assets and data security and ensure that UPay remains compliant. Improving Security with Advanced KYC/AML solutions As a fact, the most important thing about the digital era as we know it is security. It’s why we have decided to implement Sumsub’s cutting-edge Know-Your-Customer (KYC) and Anti-Money Laundering (AML) solutions into our service. Sumsub, which was founded in 2015, has become one of the world leaders in the field of combating digital fraud. The company’s platform is well known and appreciated among businesses who wish to carry out flawless verification that prevents digital fraud. As a result, this partnership allows us to increase the level of securitization of our financial transactions. By integrating Sumsub’s AI-based platform that automatically verifies the identity of UPay’s clients, we receive a high guarantee that a client has no history of fraud. Also, this partnership reduces our risk of being sanctioned by helping us to comply with local and international regulatory standards. Naturally, the automation of verification processes provided by Sumsub also helps us to improve our customer onboarding, making the process more efficient and more cost-effective. For us at UPay, this partnership is not just another business deal. It is a step towards a digital future that’s safer and more than ever before accessible. By eliminating tedious verification processes and fraud, we are looking to create an environment where users can access our services without any worries. Eyeing Global Expansion Sumsub’s technology is already trusted by more than 2000 clients around the world. So, partnering with them was never a difficult choice for UPay Technology LTD to make. Its large customer base aligns perfectly with our vision to expand our services worldwide, such that no matter where our customers are, they can rely on UPay Technology LTD. for secure financial transactions. As we integrate Sumsub’s solutions, we are not only looking forward to improving our customer experience. We also want to provide seamless onboarding while also offering a robust fraud prevention system. We are excited about the prospects of this partnership as we remain committed to maintaining the highest standards of security and compliance. The UPay Technology LTD. Team
Crypto.com Joins The Ranks Of The Adan Web3 Association
In a tactical move signaling a new dawn for crypto in the European Union (EU), Singapore-based cryptocurrency exchange, Crypto.com has announced its membership in Adan, an association for professionals working in cryptocurrencies and blockchain across Europe and France. By joining Adan, Crypto.com hopes to align itself with some of the top industry giants, including Binance, Bitpanda, the Ethereum France Association, KPMG SA, OKX France, Luno France, and so many others, to advance crypto and blockchain development across the region. Commenting on the recent development, Eric Anziani, Crypto.com’s President and Chief Operating Officer (COO), expressed enthusiasm for the collaboration, highlighting its importance for the platform, its audience, and the broader crypto space within the EU. The COO remarked, “We are proud to become members of Adan as we share similar values and we are aligned on our goals for the crypto industry in France and in the EU region – including our support of the upcoming MiCA regulation. As a member of Adan, we look forward to contributing to industry and regional collaboration to advance responsible innovation and education in Web3.” A Brief Adan Overview A Crypto.com press release on its official website described Adan as an association of professionals, including new and seasoned stakeholders in the crypto network. The company, which is targeted at innovation and increasing Web3 use cases in the areas it covers, prides itself in its concentrated efforts to help develop and promote frameworks adoption that enhance cooperation between players irrespective of their expertise levels. Additionally, the association is renowned for aiding members attain individual autonomy by identifying and removing potential hindrances to its members’ growth. Crypto.com Membership Fuelled By Personal Expansion Interest Aside from the general desire to advance crypto and blockchain development in the EU, Crypto.com’s decision to join Adan is also a strategic move that aligns with its expansion plans. The company is actively working on onboarding a new set of 100 million users, and specific market products are in the pipeline to attract a significant user base. Furthermore, last month, Crypto.com revealed that it had obtained a full operational license from the Virtual Assets Regulatory Authority (VARA) in Dubai, making it the first exchange the United Arab Emirates (UAE) has legalized to operate with fiat and sums up the trading platform’s desire for expansion amid strict regulatory constraints.
FTX Announces Extension of Debt Submission Deadline to August
In a controversial move that has sparked concerns among the crypto community, particularly FTX creditors, the collapsed exchange recently announced a deadline extension for debt submission by investors affected by the FTX crisis. While FTX justifies the extension, probably to give affected investors ample time to file their claims, the decision has stirred mixed reactions among its creditors, who remain skeptical about the distribution process. Meanwhile, recall that UPay, in one of its previous reports, hinted at a potential deadline extension till around June. Hence, those who have been keeping up to date with happenings revolving around FTX and its plans to compensate creditors anticipated the postponement. Three Months Deadline Extension Taking to X, Sunil, an FTX creditor activist, shared a post with an attached letter, revealing the imploded crypto exchange plans to extend the deadline for submission of the Proof of Debt by affected investors by about three months. Additionally, the report disclosed that although the new bar date remains unknown, it will align with the creditors’ voting deadline, allowing them to approve a Chapter 11 reorganization plan in the US process. FTX claims Bahamas Bar date extended 10-12weeks: End of July/August pic.twitter.com/HadnXKrDvI — Sunil (FTX Creditor Champion) (@sunil_trades) May 15, 2024 FTX Reiterates Creditors Refund Participation Pattern The shared letter on X reiterated that customers can only participate in the refund procedure via the Bahamas or US procedure but not both simultaneously. Interestingly, the notice stated that customers will receive disclosures in June, explaining the implications of participating in either process. Furthermore, they will have approximately 6-8 weeks from the date of the disclosure release to make up their minds. The company reassured customers that while the two methods may have distinct unique peculiarities, the distribution process would be equal and would occur concurrently, irrespective of the chosen method. FTX’s disclosure has sparked concerns in the crypto space, with many crypto analysts and investors sharing their concerns regarding the development across different social media platforms. Thomas Braziel, a renowned crypto analyst on X, took to the microblogging platform to express his skepticism over the development. He proposed a possible solution that could help the initiative to work, citing the Cryptopia case under New Zealand and UK law. #FTX – Assuming the Terms of Service stand, it's clear that customers' balances did not match the Debtor's petition date assets. Therefore, how would the estate handle the issue of commingled assets with insufficient funds to pay everyone? I'm still thinking through this. In the… — Thomas Braziel (@ThomasBraziel) May 14, 2024