With volatility emerging as a major concern around digital assets like Bitcoins, implementation of strict Know Your Customer (KYC) and Anti-Money Laundering (AML) measures have gained significance. To provide instant and secure KYC for its exchange and wallet, Cryptocurrency Exchange Bitex has partnered with Artificial Intelligence (AI) powered global identity verification and authentication platform Onfido.

Through the automatic facial similarity detection tool, the exchange will enable instant match of the identity proofs to the selfies submitted by customers to establish their real identity and reduce on boarding from 48 hours to less than 2 minutes. In addition to seamless customer experience during on-boarding, Bitex ensures strict compliance of AML policies by preventing fake users from joining the platform.

Through this partnership, Bitex will also verify identity documents from over 189 countries, making the exchange more accessible to both Indian and global cryptocurrency investors. Bitex provides trading in prominent cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash among others to encourage users to refrain from experimenting in lesser-known digital assets.

Bitex Founder and CEO Monark Modi 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 uses AI and Machine Learning (ML) to safeguard cryptocurrency exchange users from hacks, scams and phishing. It identifies high-risk users for Bitex to prevent illegal activities on the exchange or the wallet.

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.”