Crypto trading platform DXE turns to Mitek for digital ID duties
Mitek will provide automated digital ID verification for new Netherlands-based cryptocurrency trading platform DXE.
Mitek will provide automated digital ID verification
DXE will use Mitek’s Mobile Verify solution for know your customer (KYC) compliant identity verification for all customers from the platform’s go live date.
This is part of DXE’s ambition to stay ahead of the enforcement of the revised Anti-Money Laundering Directive (AMLD5), which has been extended to cryptocurrency wallets and exchanges.
“We wanted to partner with Mitek to demonstrate that we are a platform that could be trusted, by both regulators and the public,” says Ernstjan Overduin, CEO, DXE.
According to DXE, its platform is “aimed at those less proficient in digital currencies”.
The firm adds that the anonymity of cryptocurrency has put it in danger of being seen as the newest form of “shadow banking” – attracting the attention of regulators.
Mobile Verify employs artificial intelligence (AI) and machine learning algorithms, so DXE can verify all new customers that register for the platform in real-time.
New applicants can capture an image of their ID documents using the camera on their smartphone. Mitek’s software provides data to allow customers to authenticate the documents submitted to them.
In a separate deal, and reported earlier this month, identity assurance provider Signicat and Mitek partnered to improve the onboarding experience for end customers while helping banks comply with new regulations.
