Birake Exchange has announced its collaboration with IDVerse, the leading global digital ID verification firm previously recognised as OCR Labs Global.
This partnership emerges in light of intensified global endeavours to oversee the cryptocurrency domain. With the crypto-asset market witnessing considerable upheaval since the start of 2022, the Financial Stability Board (FSB) has released a proposed structure, aiming for global crypto asset and stablecoin regulation by 2025.
Birake Exchange specialises in offering a platform for Masternode coin trading, ensuring the secure exchange of cryptocurrencies. They emphasise the importance of decentralisation in the cryptocurrency future. On the other side, IDVerse offers cutting-edge digital ID verification, proficiently validating users across more than 16,000 documents and 142 language/typesets. Their technology operates without human interference, ensuring swift and accurate identity verification.
The collaboration ensures that Birake Exchange users will undergo rigorous identity checks via IDVerse before they can access their funds. The ID verification process is prompt: registered users promptly receive an invite to confirm their identity. They’ll enter their mobile number, get an SMS with a link, and follow through the verification using documents like passports or driver’s licenses based on their country.
IDVerse uses a fully-automated generative AI solution to facilitate the identity verification process, mitigating the need for human involvement. This means that users are verified swiftly and without errors.
Birake Exchange team remarked, “We strongly believe in the future of cryptocurrency and its main strength – decentralisation. To mitigate fraud risks while fostering public confidence, judicious customer due diligence through identity verification has become a priority for us. We offer full technical implementation and customer support to our users, and that includes due diligence when it comes to security aspects. We are delighted to partner with IDVerse to mitigate any potential security risks and ensure our users are quickly and securely verified.”
Adam Desmond, Commercial Director EMEA, IDVerse, added, “We are proud to announce our collaboration with Birake Exchange, fortifying its defence against the escalating sophistication of fraudulent attacks like deepfakes and injection attacks. The recent surge in criminals exploiting security gaps, establishing accounts with counterfeit identities, and hijacking existing accounts underscores the urgent need for enhanced security and stringent regulatory adherence. Our IDV technology is at the forefront of this battle, ensuring that Birake Exchange not only meets but exceeds Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Together, we are committed to instilling confidence in online trading by delivering an experience that is as secure as it is seamless.”
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