Crypto companies- especially those in the EU- are under strict supervision of the Central Bank in their operating country, and need to acquire licenses to operate in other countries under the watchful eye of the European Banking Authority (EBA). Further to this, regulations around cryptocurrency and its trading are rapidly evolving around the world to keep companies compliant and customers safe.
NFC-based identity verification can keep your exchange compliant with these changes from the offset thanks to inherent security features in chipped identity documents. ReadID has no known false accepts of fraudulent identity documents and utilises signatures placed in the chips of electronic identity documents by the issuing state, meaning document authenticity is guaranteed.
This also ensures that ReadID can detect when a document or its contents have been tampered with thanks to a process called clone detection. There is no room for fraud in the onboarding of the cryptocurrency industry, and you can prevent it with a robust identity verification solution.