Mitek, a provider of digital identity verification solutions today announced it will provide automated ID verification for new crypto exchange company, DXE. Mitek’s Mobile Verify solution will help DXE provide KYC-compliant identity verification for all customers from the platform’s live launch date.
Netherlands-based DXE’s objective is to stay ahead of future regulatory requirements. Mitek’s technology is part of DXE’s efforts to provide compliant customer onboarding ahead of the enforcement of the revised Anti-Money Laundering Directive (AMLD5), which has been extended to cryptocurrency wallets and exchanges.
Using Mobile Verify, which employs advanced AI and machine learning algorithms, 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. This enables fast, frictionless onboarding that helps DXE satisfy future KYC onboarding regulations.
“We wanted to partner with Mitek to demonstrate that we are a platform that could be trusted, by both regulators and the public. We pride ourselves on making cryptocurrency trading simple and accessible for the everyday user. Mitek’s Mobile Verify offers a solution that helps us be both compliant with future regulations and is compatible with our vision for a simple customer experience.”
With increasing regulatory demand in the industry, DXE has enlisted the help of Mitek in its efforts to ensure the company can be as transparent and compliant as possible right from its launch date.
“As cryptocurrency continues to become mainstream there is a greater responsibility for legitimate businesses to adopt the KYC processes used in other regulated markets. Pressure from regulators is growing fast so companies like DXE are right to get everything “above board” with measures in place to verify the identity of their customers. At Mitek, we want to ensure that the introduction of secure identity verification is seamless for the customer to speed up the registration process.”
Expecting to go live as soon as next week. At first, DXE will launch services in the Netherlands, as this is a Euro orientated platform. In the fourth quarter, the DXE founding team plans to expand its services to other countries and parts of the world.