Bitlocus integrates iDenfy's KYC/AML suite for a streamlined approach to crypto compliance

iDenfy, a Lithuania-based RegTech startup specializing in ID verification and fraud prevention, joined forces with Bitlocus, a regulated crypto exchange platform best known for its comprehensive crypto-to-fiat and fiat-to-crypto services. This collaboration aims to lift the manual burden linked to both Know Your Customer (KYC) and anti-money laundering (AML) compliance processes and enhance user experience through automated ID verification.

According to a report by Chainalysis, cryptocurrency theft reached an all-time high in 2022, with hackers stealing over $3.7 billion, a significant increase from previous years with no signs of slowing down. The rise in decentralized finance (DeFi) platforms and the proliferation of anonymous transactions have made crypto an attractive target for criminals who exploit security vulnerabilities and weak identity verification processes. For this reason, regulators around the world implemented stricter laws for digital assets. This includes major new regulated standards, such as the Crypto Travel Rule, among others. According to iDenfy, compliance challenges can be easily tackled when partnering with experienced RegTech providers that know the crypto space.

Bitlocus is a regulated crypto exchange platform that quickly established itself as a reputable brand offering a wide range of services tailored to retail clients (B2C), including crypto-to-fiat and fiat-to-crypto transactions. What distinguishes Bitlocus from its competitors is its commitment to security and its innovative approach to providing blockchain infrastructure through ready-made tools. These tools, such as Crypto-as-a-Service, White-label crypto exchanges, payment gateways, NFT development, and advisory services, empower other FinTech and crypto projects to grow and succeed from the start.
Consequently, the need for a more robust identity verification system became apparent as the platform expanded and attracted more users, who required not only a swift onboarding process but also needed to be screened against various AML databases to ensure that Bitlocus isn't doing business with sanctioned entities and paid extra attention to high-risk clients, such as Politically Exposed Persons (PEPs). This led Bitlocus to partner with iDenfy, a company known for its leading identity verification and AML screening solutions. The current onboarding process for Bitlocus customers will use a two-layer approach, including government-issued ID document and selfie verification measures, ensuring that every user's identity is accurately confirmed within seconds.

Additionally, iDenfy's AML screening solution, which is responsible for automatically checking Politically Exposed Persons (PEPs), sanctions, and adverse media, provides an additional layer of security by ensuring that users are not involved in criminal activities. This approach, backed with real-time alerts, helps Bitlocus stay informed of any new suspicious activity, further enhancing its defense against fraud.
According to iDenfy, its comprehensive platform removes the hassle of manually checking various documents and multiple databases, which helps Bitlocus' compliance team manage risks more efficiently while ensuring customers don't need to worry about waiting in line to approve their accounts.
It's worth mentioning that this high level of precision is essential in preventing fraudulent activities and ensuring that only legitimate users have access to the Bitlocus platform. iDenfy's ability to recognize and verify information from over 3,000 identity documents across 200 countries and territories further enhances its effectiveness in a global crypto exchange market.

"iDenfy's technology has exceeded our expectations by delivering a solution that not only enhances our security but also improves the overall user experience. With iDenfy, we can now convert more users quickly and maintain a higher accuracy rate. This helps us focus on innovation rather than manual user verification," said Andrius Normantas, the CEO of Bitlocus.

Domantas Ciulde, the CEO of iDenfy, commented: "Our collaboration with Bitlocus is a testament to the growing need for secure identity verification solutions in the cryptocurrency industry. By integrating our technology, we are helping Bitlocus to provide a safer and more reliable experience for their users."

iDenfy
Baršausko g. 59, LT-51423 Kaunas

- For press contact: aurimask@idenfy.com

About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company - from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2's Summer 2024 report as the leading identity verification software.

For more information and business inquiries, please visit www.idenfy.com.

This release was published on openPR.