Bitbuy Balances Speed and Security

Crypto Platform Keeps Bad Actors Out While Offering World-Class Onboarding

Bitbuy, one of Canada’s fastest growing crypto platforms, faced the hurdle of providing the best possible digital experience for customers while complying with evolving regulations.

The regulations, administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for virtual currency dealers, involve requirements around Know Your Customer (KYC) and Know Your Business (KYB).

“We strive to provide a fully digital experience that is safe, convenient and offers minimal friction while users onboard onto the Bitbuy platform,” Michael Arbus said during his tenure as Bitbuy CEO. “At the same time, we ensure this process complies with all the strict regulations for KYC and KYB administered by FINTRAC, while keeping up with all the ongoing regulatory updates.”

Bitbuy, since 2020, has been registered as a dealer in virtual currencies with FINTRAC. Prior to that, the company voluntarily adhered to guidelines and regulations by observing the initiatives fintech companies outside of crypto followed for compliance.

Considering the global surge in digital decentralized virtual currencies, regulators around the world have pushed for crypto platforms to take steps to detect and deter money laundering, terrorism financing and other financial crimes. In light of that, Bitbuy partnered with Trulioo to remain compliant and establish stringent identity verification by automating manual processes and defending against fraud during onboarding.

“When navigating a new industry like crypto,” Arbus said, “where there are still so many unknowns and risks, it’s crucial to rely on the best solution in the market, and we felt that Trulioo was the best choice for Bitbuy’s identity verification process.”

Verifying People

Trulioo is a key component of Bitbuy’s onboarding process. Once customers have verified their email address, they provide further information, which is verified through Trulioo Person Match.

There are then three basic phases to verify a customer’s identity to a level that satisfies Bitbuy’s best practices for compliance. Upon final verification, customers may open an account.

Previously, if the identity information failed the initial verification check, Bitbuy would manually review additional information, such as ID documents or a utility bill. Through Trulioo, though, much of the manual verification is reduced, allowing Bitbuy’s customer success teams to focus on improving other areas of the business and improve the customer experience.

Verifying Organizations

Bitbuy customers can fund, trade and hold assets in either personal or business accounts, and Trulioo has been instrumental in the successful roll-out of the exchange’s corporate verification.

Bitbuy uses Trulioo Business Verification services to ensure corporate accounts are verified and compliant. Those services help Bitbuy verify data points such as business registration documentation, Ultimate Beneficial Ownership (UBO), business name, address and jurisdiction of incorporation to ensure the business profiles meet regulatory requirements.

Bitbuy is increasing its focus on those accounts and striving for a high rate of business verification.

“It’s our primary growth area for clients,” Arbus said, “and we anticipate it becoming really important to verify as many as possible in a compliant way.”

High Onboarding Rates for People and Businesses

Bitbuy’s partnership with Trulioo allows the platform to take a risk-based approach for identity verification during onboarding. That approach enables Bitbuy to adjust the level of verification to match the risk associated with a client or transaction.

When Trulioo identifies inconsistencies through cross-referencing more than 450 global data sources, they can be flagged for Bitbuy’s compliance and review teams for further due diligence. That allows Bitbuy’s compliance efforts to be more thorough and focused on specific areas.

That has improved Bitbuy’s efficiency, approval times and client satisfaction. Using a risk-based layered approach to identity verification has helped prevent fraud and ensure compliance while building trust and confidence among users.

Successfully managing a regulated crypto platform means running efficient and accurate identity verification from the start of the customer journey. Since Bitbuy integrated Trulioo into the platform, alongside other tools to improve accuracy and efficiency, the match rate for applicants has increased substantially, and the time it takes to complete the process has fallen significantly.

About Bitbuy

Bitbuy is a Canadian platform for buying, selling, transferring and storing cryptocurrency. It’s one of the largest crypto platforms in the country in terms of daily volume traded and overall use.

Bitbuy was designed for new traders seeking a simple interface and advanced traders who know their way around the crypto world. Bitbuy also has a corporate division for businesses that want to get involved in crypto.

No matter the type of user, Bitbuy understands getting started with crypto can seem daunting, and the company’s goal is to make the process easier. Bitbuy’s mission is to provide a convenient, secure, trusted and compliant platform for Canadians to access the digital asset universe.