Veriff, a global identity verification provider, today announced that it has partnered with Baanx, a Web3 fintech company and FCA-approved for crypto asset license, to provide identity verification services as a means to help protect Baanx and its users against fraud and money laundering risks. With this partnership, Veriff adds an extra layer of safety and security to Baanx’s online crypto platform, which offers Web3 fintech solutions to clients and their communities, including Cryptodraft and payment authorisation integration into VISA, Mastercard, and other transaction payment systems.

Crypto fraud is on the rise as the industry continues to fluctuate, leaving more room for fraudsters to slip through the cracks. Veriff’s streamlined, AI-powered identity verification technology enables Baanx to confirm the identity of their users during the onboarding process, and ensure that their services are being used only for legitimate purposes. Veriff’s ability to verify more than 11,200 government-issued IDs from more than 190 countries and in 47 different languages, helps Baanx ensure compliance with the local regulations of their global customer base, reducing the risk of fraud and money laundering on a global scale.

“As a crypto-friendly company, we are more than aware that the crypto space attracts fraudsters, as they often take advantage of crypto’s decentralization to scam victims out of their funds. Moreover, due to the market’s bearish conditions, the risk of fraud is currently much higher,”  said Mark Evans, CCO & CFO at Baanx. “Our mission is to transition the world from Web2 to Web3 and help bridge the gap between decentralized finance (DeFi) and traditional finance. But we must continue to manage digital assets with maximum privacy and security in order to establish the trust needed to make this evolution possible. With Veriff, we are in a strong position to accomplish this.”

Since integrating Veriff’s technology, Baanx has already reduced the time of their verification process, enabling them to onboard users more quickly and safely than ever before. Currently operating in the United Kingdom and Europe, Baanx plans to securely expand their services to more countries and grow their user base, with the goal of helping more customers manage their digital financial assets.

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“Cryptocurrencies are disrupting the world of finance, and the crypto industry has evolved dramatically over the past few years. However, transactions between users are generally  anonymous  and  instantaneous,  providing more  opportunities  for  fraudsters and criminals looking  to  evade  conventional  anti-money laundering controls. And right now, fraud rates for crypto transactions are at an all-time high,” said Indrek Heinloo, COO of Veriff.  “As a result, it’s never been more important for online banking platforms that offer crypto services to be several steps ahead of these bad actors. We’re thrilled to partner with Baanx and work together to help build more trust in the crypto and Web3 space.”