Billed as the first “white label” cryptocurrency exchange, Birake has named IDVerse as its new partner for KYC onboarding procedures. IDVerse (previously known as OCR Labs Global), a company that specializes in customer identity verification and fraud protection, will allow Birake users to authenticate their identities in minutes.
The announcement comes amid growing efforts by regulators to checkmate the activities of the cryptocurrency industry. For its part, IDVerse utilizes generative AI to verify the identities of users in more than 220 countries and regions. Its fully-automated solution allows for seamless verification with just a face and smartphone. Its solution has been employed by a plethora of startups, governments, and global enterprises, including HSBC, Vodafone, BMW, Virgin Money, and ANZ.
It is worth mentioning that users will not be able to withdraw their funds on Birake until their accounts have been verified.
Once registered, users will automatically receive an “invitation for identity verification.” To begin the process, a user will be required to input their phone number, which will receive an SMS with a link to start the onboarding process.
The accepted ID documents include driver license, passport, ID card, or photo card, depending on the country. However, the biometric data of a user will be deleted within seven days to ensure privacy.
The emergence of cryptocurrencies has undoubtedly prompted extensive deliberation regarding sound regulatory frameworks that ensure ethical practices without stifling innovation. To mitigate risks of fraud and criminality while fostering public confidence, judicious customer due diligence by exchanges through identity verification has become an essential priority. Carefully crafted KYC norms that satisfy both decentralized ideals and centralized oversight imperatives remain integral for sustainable development of a new cryptocurrency paradigm.