Cryptocurrency Exchange Bitex has partnered with AI-powered global identity verification and authentication platform Onfido for instant and secure KYC for its exchange and wallet.
Know Your Customer (KYC) and Anti-Money Laundering (AML) measures have gained significance amidst emerging volatility within the cryptocurrency ecosystem.
The automatic facial similarity detection tool will provide instant match of the identity proofs to the selfies submitted by customers to establish their real identity and reduce onboarding from 48 hours to less than 2 minutes.
The new KYC tool will also allow Bitex to comply strictly with AML policies by preventing fake users from joining the platform. The partnership with Onfido will expand Bitex’s ID verification capabilities to over 189 countries.
Monark Modi, Founder and CEO at Bitex, said: “While technology and digital currencies are changing the way people undertake transactions, the knowledge and awareness levels of cryptocurrency among investors is still low. This increases the chances of people falling prey to scams and frauds. With Onfido’s AI-powered solution Bitex enhances KYC and AML compliance on the exchange and wallet to provide a secure platform for users to invest and trade in cryptocurrency.”
Onfido identifies high-risk users for Bitex to prevent illegal activities on the exchange or the wallet, such as hacking, scams, and phishing.
Harvinder Singh GM APAC at Onfido said: “Onfido’s unique Software Development Kit (SDK) provides for glare and blur detection, and gives real-time feedback to help users submit only high-quality pictures for document verification. Further, the Optical Character Recognition (OCR) auto fills data from identity documents and into the sign up form, reducing time taken for on boarding.”
Onfidog was founded in 2012 by three former students at Oxford University: CEO Husayn Kassai, COO Eamon Jubbawy, and Chief Architect Ruhul Amin.
The London-based firm has over 400 employees in offices across the world. In 2019, Onfido was appointed to CB Insights AI 100, voted 1st (out of 2,000 companies) in the FinTech 50 and ranked 8th fastest-growing private company in the UK in the 2019 Sunday Times Tech Track 100.
In 2020, Onfido won the InfoSec Award for Best Next Gen Fraud Prevention Product at RSA Conference.