What are the reasons for Veriff not working on cryptocurrency platforms?

3 answers

• Dec 27, 2021 · 3 years ago
  Veriff does not work on cryptocurrency platforms due to the high risk associated with cryptocurrency transactions. Cryptocurrency exchanges often have a higher likelihood of fraud and money laundering, which makes it challenging for Veriff to verify the identity of users effectively. Additionally, the anonymous nature of cryptocurrencies makes it difficult to establish a reliable connection between a user's identity and their cryptocurrency transactions.
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• Dec 27, 2021 · 3 years ago
  The decentralized nature of cryptocurrencies also poses a challenge for Veriff. Unlike traditional financial institutions, cryptocurrency platforms do not have a central authority or regulatory body overseeing transactions. This lack of oversight makes it harder for Veriff to ensure compliance with KYC (Know Your Customer) regulations and perform thorough identity verification checks.
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• Dec 27, 2021 · 3 years ago
  At BYDFi, we have implemented Veriff as a trusted identity verification solution for our cryptocurrency platform. Veriff's advanced technology and robust verification process allow us to maintain a secure and compliant environment for our users. By partnering with Veriff, we can effectively prevent fraud and ensure the integrity of our platform.
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