Onfido now helps over 30 global cryptocurrency customers verify user identities and comply with regulations

Global identity verification provider Onfido today announces that it has partnered with HBUS to help build an efficient, compliant and scalable marketplace for virtual currencies.

Headquartered in San Francisco, HBUS is the exclusive US strategic partner of Huobi – one of the world’s leading virtual currency service providers. With virtual currencies facing increasing scrutiny and regulation, HBUS has made safeguarding its users’ virtual currencies and full legal compliance its top priorities. All of HBUS’s employees have been educated in Anti-Money Laundering (AML) and Counter-Terrorism Financing, and HBUS has now partnered with Onfido to perform mandatory Customer Identification Program (CIP) checks on traders attempting to obtain level 2 verification status on the platform.

Onfido’s machine learning technology automates identity verification to enable speedy, secure and scalable access to HBUS’s exchange platform. With just a smartphone, HBUS users can take a selfie and a photo of their identity documents to start the level 2 CIP process.

HBUS chose to partner with Onfido to help them go above and beyond basic legal and regulatory requirements as they continue to scale. HBUS is committed to bringing higher ethical standards to virtual currencies, and was impressed with Onfido’s use of Artificial Intelligence to deliver the most granular and accurate results, without compromising on speed or conversions. Onfido’s deep expertise on US regulatory requirements and commitment to turning compliance from a cost centre into a competitive advantage were also deciding factors.

Harry Zhou, Chief Compliance Officer at HBUS, 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”.

HusaynKassai, CEO and co-founder of Onfido, said: “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.”