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.

This partnership allows Birake Exchange to ensure ethical use of its exchange by verifying its users are who they say they are. As a result, Birake Exchange’ users will not be able to withdraw their funds on Birake Exchange 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.”