AI powered identity verification streamlines KYC process for fast and secure onboarding to Bitex platform
With cryptocurrency exchanges seeing a surge in customer sign-up since the Bitcoin bull run, implementation of strict Know Your Customer (KYC) and Anti-Money Laundering (AML) measures has gained significance. To meet regulatory processes while enabling a positive user experience for its exchange and wallet, Cryptocurrency Exchange, Bitex, has partnered with global identity verification and authentication company, Onfido.
By integrating Onfido’s award-winning identity verification solution, crypto investors are able to sign up to Bitex by simply taking a photo of their government-issued identity document (ID) and selfie. Onfido checks that the ID is genuine, and ensures the person presenting the identity is the legitimate owner and is physically present.
The partnership has had immediate results with onboarding time reduced from 48 hours to 60 seconds. Crypto investors are able to sign up to Bitex’s Cryptocurrency Exchange and Wallet quickly, through a user-friendly experience that meets KYC and AML regulatory requirements and mitigates identity fraud.
As Bitex expands into new markets, they can now be confident that it can satisfy customer verification, and that Onfido’s comprehensive coverage—spanning over 4,600 document types in 195 countries—will be there to help make the exchange more accessible to both Indian and global cryptocurrency investors.
Bitex Founder and CEO Monark Modi said, “The recent bull run in Bitcoin has increased the interest and appetite of retail and institutional investors in India to actively consider cryptocurrency as an alternate investment and inflation hedge. However, given the knowledge and awareness levels of cryptocurrency among investors is still low, the system is seeing growing incidences of frauds and scams. With Onfido’s identity verification solution Bitex will ensure KYC and AML compliance to the highest levels on the exchange and wallet to safeguard our customers by providing a secure platform to invest and trade in cryptocurrency.”
Harvinder Singh, GM APAC at Onfido said, “We’re pleased to be supporting Bitex to help scale their business while reducing their exposure to fraud. Our AI and ML models continuously learn to identify new fraud trends so we can enable Bitex to onboard more users quickly without compromising on their fraud requirements. This helps build user trust, inclusion and safety online and meet KYC and AML regulations.”
Onfido helps businesses balance usability and security. Onfido’s unique Software Development Kit (SDK) includes glare and blur detection, which 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 onboarding.