• Case Study
Crypto Platform Keeps Bad
Actors Out While Offering
World-Class Onboarding
Bitbuy
Balances Speed
and Security
Trulioo — Case Study
The
Challenge
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.”
Trulioo — Case Study
“
It’s crucial to
rely on the best
solution in the
market, and we
felt that Trulioo
was the best
choice.”
• Michael Arbus Bitbuy CEO
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.”
The
Solution
The world’s
identity
platform.
Contact Us
Trulioo is a registered trademark of Trulioo Information Services Inc. in the United States, the European Union,
Canada and other countries.
Trulioo is the world’s identity platform, trusted
by leading companies for their verification
needs. The Trulioo integrated, automated
platform provides unparalleled global coverage
for business and person verification and a
comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expert verification
knowledge across diverse markets, Trulioo enables the highest
verification assurance levels, optimizing onboarding costs and
fostering trust and security in the global digital economy.
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.
The
Results
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.