iDenfy, a Lithuania-based RegTech startup specialising in ID verification and fraud prevention solutions, announced a new partnership with Bitlocus, a regulated cryptocurrency exchange platform known for its comprehensive crypto-to-fiat and fiat-to-crypto solutions.
iDenfy’s full-stack Know Your Customer (KYC) solution will aim to increase conversions and help Bitlocus maintain a simple and compliant verification flow.
Need for identity verification solutions
As the cryptocurrency industry continues to expand, the importance of robust security measures has never been more critical. In 2023 alone, cryptocurrency investment scams and fraud cases resulted in losses of over $4.57 billion.
These alarming statistics underscore the urgent need for effective identity verification solutions to protect users and maintain trust within the digital asset market.
Anti-Money Laundering (AML) technologies
Bitlocus has taken proactive steps to safeguard its platform by partnering with iDenfy
Bitlocus, recognising these challenges, has taken proactive steps to safeguard its platform by partnering with iDenfy and implementing its fully automated identity verification, along with extra Anti-Money Laundering (AML) technologies, such as Politically Exposed Persons (PEPs) and sanctions list screening, as well as adverse media screening to ensure a more effective risk management process.
Bitlocus is a regulated crypto exchange platform, established in 2019, which offers a range of services designed to meet the needs of retail clients with its decentralised financial solutions.
KYC and AML compliance services
According to the crypto platform, what sets Bitlocus apart from its competitors is its commitment to providing a secure trading environment and a suite of ready-made tools to help other FinTech and crypto projects thrive, as Bitlocus’s mission is to empower other businesses to grow by providing them with the necessary blockchain infrastructure.
As a company that’s scaling itself, Bitlocus needed a feature-rich RegTech platform that would offer both KYC and AML compliance services under one platform, which wouldn’t require partnering with multiple vendors.
Ease of integration
Additionally, Bitlocus wanted to customise its verification flow based on various risks, which meant more rigorous checks for customers who showed signs of suspicious activity.
As a result, the company chose iDenfy over other providers due to its ease of integration, solid market reputation, competitive service package, and its ability to support different compliance processes, like verification and AML screening.
Advanced biometric and face recognition algorithms
Bitlocus can utilise iDenfy’s advanced biometric and face recognition algorithms and ensure high accuracy
For Bitlocus, this meant more opportunities and potential expansion of its service offerings. Currently, the platform offers Crypto-as-a-Service, White-label crypto exchanges, payment gateways, NFT development, advisory services, and more.
Through the new partnership, Bitlocus can utilise iDenfy’s advanced biometric and face recognition algorithms and ensure high accuracy in verifying user identities. Their ability to recognise, verify, and extract information from over 3,000 identity documents across 200 countries and territories allows comprehensively and precisely identify and analyse users' documents on a global scale.
Near-perfect user experience
More importantly, the switch to a comprehensive KYC/AML platform helped the crypto business change the user experience, making the KYC check a simple, four-step process that takes less than a minute on average.
For Bitlocus, ensuring that every user is checked correctly is not just a regulatory requirement but a cornerstone of its commitment to providing a safe trading environment. Bitlocus’s decision to integrate iDenfy’s identity verification and AML screening solutions was driven by the need to enhance its security protocols while maintaining a near-perfect user experience, which is vital for the current crypto industry’s standards.
Maintaining security standards
“With iDenfy, we already noticed positive changes in our user onboarding process. The ability to quickly and accurately verify our users’ identities allows us to maintain the highest security standards on our platform,” said Andrius Normantas, the CEO of Bitlocus.
Domantas Ciulde, CEO of iDenfy, commented on the partnership, “We’re very excited to work with Bitlocus. Our team’s expertise allows us to optimise the experience, both for the end-users and the platform’s internal compliance team, with a focus on certain nuances that are vital in the crypto sector.”
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