With the increasing use of cryptocurrencies, more people with malicious intentions are emerging, and fraudulent use of identities and financial crimes are becoming more common. BYDFi is honored to collaborate with Jumio, the leading provider of automated, end-to-end identity proofing, risk assessment and eKYC solutions. Using Jumio’s AI-powered solutions will enhance BYDFi’s ability to safely and securely onboard more users, further demonstrating the platform’s dedication to delivering a dependable and trustworthy crypto exchange.
“KYC is crucial for cryptocurrency exchanges. Utilizing selfie biometric technology to verify whether the provided ID document matches the individual not only ensures the user’s personal information is not stolen but also reduces financial crimes on the exchange. This is a significant matter for both the user and the exchange,” said Michael Hung, Co-Founder, and CMO of BYDFi.
Through this partnership, BYDFi Exchange will provide users with a faster, simpler, and more secure trading experience, while establishing digital trust and fighting fraud.
Deepfakes, bots and advanced spoofing attacks have made advanced liveness detection a must-have feature in any biometric-based verification solution. Jumio integrates NIST-compliant liveness detection to identify instances when photos, videos, or even realistic 3D masks are used instead of actual selfies to create online accounts. This helps safeguard against fraudulent activities and maintain the integrity of the verification process.
In addition, users often encounter obstacles during the KYC process on exchanges, and are likely to give up registration, resulting in a loss of users. By using Jumio’s platform, users can begin trading after completing a quick authentication process.
“We are very honored to cooperate with Jumio. The partnership with Jumio will help BYDFi build trust,” Hung said.
BYDFi is a cryptocurrency trading platform for global investors. It has continued to bring professional, convenient and new trading services to global users since 2020. BYDFi provides users with a trading solution through Spot, Lite contracts, Inverse perpetual contracts, USDT perpetual contracts, Grid trading, and Copy-trading services.