, an identity verification solution provider, has announced that it is providing digital on-boarding for customers. A bitcoin broker platform, BTCDirect has experienced rapid growth with up-to 3000 on-boarding requests a day. To accommodate the surge in demand and meet increasingly stringent regulations, Mitek’s identity verification solutions are being used to on-board customers in as little as 10 minutes.
Founded in the Netherlands in 2013, BTCDirect acts as an agent in the buying and selling of bitcoins. Following the increase in cryptocurrency trading in the last year, BTCDirect wanted to ensure the on-boarding process was frictionless, but also compliant with regulatory demands.
According to a MarketsAndMarkets report, the cryptocurrency space will grow at an unprecedented CAGR of 32% 2017-2023 to hit nearly USD3bn. Regulators have recently been keen to introduce regulation into the space, cracking down on anonymity in cryptocurrency platforms, with the G20 calling for recommendations by July 2018. Customer on-boarding looks set to become tougher, and therefore slower. Cryptocurrency companies must make it a priority to implement KYC processes that are compliant and can be scaled to keep up with the surge of customer signups. Using Mitek’s technology, BTCDirect can validate the authenticity of identity documents presented. BTCDirect opted for Mitek’s solution because of its strong roadmap and after seeing great results in the testing period.
Mike Hutting, CEO and co-founder of BTCDirect, explained: “Our aim is to provide a cryptocurrency brokerage that is secure and compliant and thereby staying the #1 crypto currency brokerage in Europe. Offering a scalable solution to customer onboarding is the first step. Mitek’s scalable identity verification solution is speeding up the registration process, enabling us to keep up with the enormous rise in requests. We chose Mitek as a trusted partner in this space to ensure we can be as prepared as possible to meet future regulatory requirements.
Managing Director for EMEA at Mitek, René Hendrikse added: “Both regulators and companies themselves are turning away from the anonymity that has often defined cryptocurrencies. BTCDirect is committed to promoting a safe and authentic experience for its customers, and getting ahead of the regulatory curve. With the demand for cryptocurrency skyrocketing, Mitek’s mission is to provide compliant customer on-boarding that doesn’t come at the expense of the user experience.”
Blockchain research and development company has announced a partnership with Ethiopia’s government to explore applications of blockchain technology in the country. In collaboration with the Ethiopian Ministry of Science and Technology, IOHK will work with ministers, entrepreneurs, and start-up companies to examine blockchain applications that can benefit the country. Ethiopia is exploring a first use case of supply chain traceability for coffee, its largest export, among other agricultural technology applications.
In addition, IOHK will train up to 100 Ethiopian software development students in Haskell, a rigorous programming language used for mission-critical applications and blockchain development, including the protocol behind top 10 cryptocurrency Cardano.
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Kucoin exchange has devised a novel way of dealing with underperforming tokens. Rather than delist them, or leave them to die a slow death, it will send them to a “special treatment area”. Once placed on the token equivalent of the naughty step, they will be given a chance to buck up or risk being permanently removed.
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Kucoin Sends Badly Performing Tokens to the Naughty Step
Tokens that develop a low trading volume can expect placement in a special treatment (ST) area by Kucoin. Likewise with tokens whose team run into legal difficulties or go AWOL. It’s the first step towards delisting, aka a permaban, though assets will be given a chance to earn a reprieve. Coins that are moved to the ST zone will be marked as such, giving traders notice that there’s a risk of removal.
Kucoin’s has been welcomed by many traders, as it adds transparency and provides warning of assets that may be purged. Many exchanges delist coins at short notice and with little or no explanation. Bittrex, for example, has delisted dozens of coins at a time, leaving traders speculating as to the reason for their removal. While some of these clearly had no trading volume, others may have been deemed as securities, though it has traditionally been hard to tell.
Badly behaved token teams will be sent to Kucoin’s naughty step
Eight Reasons to Receive a Timeout
Kucoin eight reasons why a token may be moved to its newly designated ST area:
Negative Trading Volume for a certain period of time.
Cease or likely cease of business activities for three months.
In liquidation, insolvent, bankrupt or otherwise subject or in a position to become subject to bankruptcy proceedings.
Negative opinions by the company auditor.
Failure to submit the updates reports in accordance with the requirements of the Exchange in terms of project development, status of the team and status of listing entity for a consecutive certain period of time.
The team of the project is likely to be dissolved.
Any act considered as malicious operation to the market.
Any other situation as determinate by the Exchange from time to time.
Cynics will point out that exchanges are only too happy to accept these tokens in the first place, and to pocket the hefty listing fees that can run into hundreds of thousands of dollars. Kucoin in particular has gone listing crazy over the past few months, adding tokens faster than any other major exchange. It is arguably due to the platform’s willingness to accept virtually any token that it now finds itself having to remove the worst performers.
Do you think other exchanges should follow Kucoin’s lead and provide warning of tokens that may be delisted? Let us know in the comments section below.
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