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.”