Onfido to secure trader identity verification for virtual currency marketplace HBUS

Jul 15, 2018, 2:06 pm EDT | Chris Burt

Virtual currency marketplace HBUS has partnered with Onfido to go beyond basic legal and regulatory requirements and deliver fast, secure, and scalable identity verification using facial recognition and government identity documents.

HBUS is the exclusive strategic partner of leading virtual currency service provider Huobi in the U.S., and says it is committed to bringing higher ethical standards to cryptocurrencies. All of its employees have received Anti Money-Laundering (AML) and Counter-Terrorism Financing training, according to the announcement, and it will now leverage Onfido for mandatory Customer Identification Program (CIP) checks on traders on the platform applying for level 2 verification status.

“We needed a partner that would help us not only meet with compliance requirements, but go above and beyond them to provide the most secure experience possible to our customers,” said HBUS Chief Compliance Officer Harry Zhou. “Onfido gives us that. Their machine learning technology gives us the confidence we need in our CIP/KYC processes, without compromising on the speed that’s essential to our platform as we continue to scale.”

The partnership enables HBUS users to start the level 2 CIP process with a selfie and a photo of their identity documents.

Onfido was also chosen by cryptocurrency exchange Bitstamp to provide identity verification for customer onboarding earlier this year, and appointed a new CFO in April.