The Bitex Cryptocurrency Exchange has partnered with Onfido to streamline its identity verification procedures for its customers. Bitex is one of the many exchanges and cryptocurrency platforms that has now adopted the solution, and joins a list that already includes LocalBitcoins, Civic, and Hodlnaut, amongst several others.
According to Bitex, the integration of Onfido’s technology has dramatically reduced the amount of time needed to onboard a new customer. The process previously took as long as 48 hours, and can now be completed in as little as 60 seconds while still meeting all of the necessary Anti-Money Laundering and Know Your Customer regulations.
Onfido’s solution uses face and document recognition to match a selfie to the image on an official photo ID. When the user is asked to take a picture of their ID to verify its authenticity, Onfido’s Optical Character Recognition tech will extract the information on the document and use it to fill in the Bitex registration form to further speed up the onboarding process.
“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 investment,” said Bitex Founder and CEO Monark Modi. “However, given the knowledge and awareness levels 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 on the exchange and wallet.”
“Our AI models continuously learn to identify new fraud trends so we can enable Bitex to onboard more users quickly without compromising on their fraud requirements,” added Onfido APAC GM Harvinder Singh.
Onfido recently argued that cryptocurrency exchanges should adopt secure identity verification technology if they want to build trust and appeal to new users. The lack of such security measures increases the appeal of the platform for criminals, and makes large amounts of cryptocurrency inaccessible when people lose or forget their own credentials.
March 18, 2021 – by Eric Weiss