Phemex, the cryptocurrency trading platform, announced a partnership with Onfido, the global identity verification and authentication company, to automate customer onboarding using Onfido’s AI-powered document and biometric verification solution, to verify users quickly and efficiently while streamlining regulatory processes.
Phemex needed to meet Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance requirements while enabling a positive user experience for its crypto exchange and trading platform. The partnership with Onfido automates the verification process, enabling Phemex to scale its user base and complete the KYC process securely and efficiently so its users can start using the financial platform faster.
By integrating Onfido’s award-winning identity verification solution, Phemex customers are able to sign up by simply taking a photo of their government-issued identity document (ID) and selfie. Onfido first checks that the ID is genuine and not fraudulent, and then matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present.
“We’re pleased to be supporting Phemex in their vision of providing a secure and seamless digital experience to financial services for investors,” said Harvinder Singh, GM APAC of Onfido. “We pride ourselves on delivering access to online services that both detects and prevents fraudulent attempts while enabling the business to scale and meet regulatory requirements.”
“Phemex is selective when it comes to partnering with other companies. This is even more true for a new service that deals with regulatory compliance, user safety, and ease of use,” Jack Tao, the CEO of Phemex. “Onfido and its world-class AI identity verification system met all of our criteria. By employing their system, not only will KYC procedures become a breeze, we will ultimately increase security and safety for all of our users.”