CRXzone is a Singapore-based centralized cryptocurrency exchange, founded in February 2014. The platform is run by Intellect Market Pte. Ltd., registered in Singapore under the number 201407240M. CRXzone’s headquarters are located on the following address: 22-16, 10 Anson Road, International Plaza, Singapore, 079903. Judging by the information on the exchange’s website, the team behind the project puts great emphasis on the need of presenting complete corporate details and building transparency around the company.
However, it is worth noting that the website doesn’t feature a section describing the team behind the project. The company doesn’t even have a LinkedIn page either. This makes it hard to track the members of the exchange. Upon search though, we end up finding the profile of Pawan Kumar, CEO of Intellect Market Pte. Ltd. Unfortunately, at the time of this writing, the information on his profile is very limited, stating that he is the CEO of two companies – CRXzone and Akar International (a software development and business consulting company).
The information on the exchange’s website describes CRXzone as a “crypto currencies wallet platform where merchants and consumers can transact new digital currencies.” It continues to say that the mission of the platform is to provide a “world-class transparent, deeply liquid and safe environment.” To achieve that, the exchange’s team claims to rely heavily on three things – security, scalability, and liquidity.
When it comes to security, the only measure, employed by platform is two-factor authentication. Considering the fact that they describe the matter as one of the three core pillars of their strategy, it is safe to say, that they could have done better. For example - there is no mention of how CRXzone stores users’ funds, which is essential in the cryptocurrency exchange business. Although the team claims to be taking “great precautions around security” and to be “constantly monitoring for any suspicious activities”, due to the nature of this statement, it is hard to verify its authenticity.
Regarding the collection of personal data, CRXzone states that individuals who sign up for the exchange’s services may be required to provide full range of identification information, such as names, residence address, telephone, email, date and place of birth, copy of identity verification document (driver’s license, passport, ID), proof of residence (bank statement or utility bill), and a government-issued identification number. For business customers, the platform gathers different information, including business name, name of the representatives, proof of address, a copy of a valid photo identification for the directors (passport number, government-issued identification number, social security number, employee identification number or individual taxpayer identification number), M&A documentation, and a directors’ selfie with the ID card/passport.
When it comes to the exchange’s functionalities, CRXzone markets itself with one main feature – their Payment Gateway. The gateway consists of APIs that can be used by traders and merchants to accept Bitcoin and Litecoin payments internationally. According to the presented information, the gateway works with more than 200 countries and doesn’t charge any fees. CRXzone also provides OTC trade services for some cryptocurrencies. In order to be eligible to take advantage of that, each trade that the client makes should be worth no less than 5 000 SGD (USD 3 706).
On the topic of customer support, the exchange states that it supports a live hotline for users who prefer to get in touch via phone: +65-62204548 (availability: GMT - 2.00 AM - 2.00 PM, Singapore time 10 AM - 10 PM). Aside from that, clients can reach out to CRXzone via the integrated support ticket system.
Regarding CRXzone’s online reputation, it is worth noting that, at the time of this writing, user opinions are mixed. Most of the clients express frustrations with long waiting times and often unresponsive support.
At the time of this writing, there are no reported cases of hacker attacks or governmental investigations, part of the history of the CRXzone exchange.