- Birake is a white-label cryptocurrency exchange trading platform running on a DEX technology, which is safer than any other centralised platform.
- With IDVerse, Birake Exchange users can authenticate their identities in seconds.
- IDVerse’s fully-automated generative AI solution verifies new users in seconds with just their face and smartphone for over 16,000 documents and 142 languages/typesets without the burden of human intervention.
London, UK – 11 October 2023 – Birake Exchange, a cryptocurrency exchange specialising in Masternode coins, has partnered with world-leading digital ID verification company IDVerse (previously known as OCR Labs Global) for Know-Your-Customer (KYC) onboarding and secure digital identity verification (IDV).
The announcement comes amid growing efforts from countries all around the world to regulate the activities of the cryptocurrency industry as a result of the crypto-asset market experiencing significant turmoil since early 2022. The Financial Stability Board (FSB) published a proposed framework and recommendations for the international regulation of crypto assets and global stablecoin arrangements to be implemented globally by 2025.1
This partnership allows Birake to ensure ethical use of its exchange by verifying its users are who they say they are. As a result, Birake users will not be able to withdraw their funds on Birake until their accounts have been verified through IDVerse.
However, the IDV process is swift: once registered, users automatically receive an invitation to verify their identity. To begin the process, users will be required to input their phone number, which will receive an SMS with a link to start the onboarding process.
To verify their identity, users can use ID documents, including a driver’s license, passport, ID card, or photo card, depending on the country they are in. IDVerse’s fully-automated generative AI solution verifies new users for over 16,000 documents and 142 languages/typesets without the burden of human intervention.
The Birake Exchange team commented: “We strongly believe in the future of cryptocurrency and its main strength – decentralisation. To mitigate fraud risks while fostering public confidence, judicious customer due diligence through identity verification has become a priority for us.
We offer full technical implementation and customer support to our users, and that includes due diligence when it comes to security aspects. We are delighted to partner with IDVerse to mitigate any potential security risks and ensure our users are quickly and securely verified.”
Adam Desmond, Commercial Director EMEA, IDVerse, added: “We are proud to announce our collaboration with Birake Exchange, fortifying its defence against the escalating sophistication of fraudulent attacks like deepfakes and injection attacks. The recent surge in criminals exploiting security gaps, establishing accounts with counterfeit identities, and hijacking existing accounts underscores the urgent need for enhanced security and stringent regulatory adherence.
Our IDV technology is at the forefront of this battle, ensuring that Birake Exchange not only meets but exceeds Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Together, we are committed to instilling confidence in online trading by delivering an experience that is as secure as it is seamless.”
For more information, visit www.idverse.com
Notes to Editors
Press Kit: Available here
CEW Communications for IDVerse
Maddy Grigorie, , +44(0)741 202 6525
Birake is a white label cryptocurrency exchange trading platform running on a DEX technology which is safer than any other centralized platform. The Birake Network is a central database of orders which are openly shared among all exchanges run on the network. Similarly, traders can have access to multiple exchange platforms at once through the Birake exchanges network.
Birake’s mission is to offer both exchange owners and users of Birake network the largest database of orders and users and in the same time to achieve high trade volumes.
The Birake Exchange Platform can be found at trade.birake.com.
IDVerse helps you quickly scale your business globally. Our fully-automated solution verifies new users in seconds with just their face and smartphone – in over 220 countries and territories with any ID document – without the burden of human intervention.
We empower true identity for people around the world. Through our Zero Bias AI™ tested technology, we are pioneering the use of generative AI to train deep neural network systems to protect against discrimination on the basis of race, age and gender.
Our advancements in Natural Vision Processing (NVP) are enabling machines to autonomously see and perceive as humans and excel in ways that humans cannot.
IDVerse is trusted by startups, governments, and global enterprises, including HSBC, Vodafone, BMW, Virgin Money, and ANZ, for borderless and inclusive identity verification. Founded in Australia in 2018, IDVerse is a Series B venture-backed company with headquarters in London and offices in North America, Asia and Europe.
For more information, visit https://idverse.com/