HBUS, the US-based strategic partner of crypto exchange Huobi, has collaborated with identity verification provider Onfido to develop a scalable marketplace for virtual currencies.
Through the collaboration, HBUS aims to carry out mandatory Customer Identification Program (CIP) checks on traders who intend to obtain level 2 verification statuses on its exchange platform.
The Onfido machine learning technology automates the identity verification process to enable swift and secure access to platform.
HBUS users can initiate the verification process through their smartphone by taking a selfie and photos of their identity documents.
HBUS is said to have selected Onfido as it uses artificial intelligence to provide accurate results.
Onfido’s detailed knowledge on US regulatory requirements is said to be another deciding factor in its selection by the crypto exchange.
HBUS chief compliance officer Harry Zhou said: “We needed a partner that would help us not only meet with compliance requirements, but go above and beyond them to provide the most secure experience possible to our customers. Onfido gives us that.
“Their machine learning technology gives us the confidence we need in our CIP/KYC processes, without compromising on the speed that’s essential to our platform as we continue to scale.”
Onfido, CEO and co-founder Husayn Kassai added: “We’re excited to be supporting HBUS in their aim to make cryptocurrencies more mainstream. In the digital age, trust and security are crucial, and we’re proud to help deliver that to HBUS’ growing community of investors around the world.”