BioID to partner with LCX
24 September 2020 16:29 GMT

LCX (Liechtenstein Cryptoassets Exchange) has announced a collaboration with German biometrics provider BioID. With facial recognition and liveness detection technologies from BioID, LCX has introduced an Anti-Money-Laundering (AML) compliant digital identity verification on the institutional as well as consumer level.

Since 2018, the financial technology startup LCX provides cryptoasset financial products and services. As a blockchain innovator, LCX is focused on helping both traditional and blockchain market participants with the LCX Terminal. The advanced crypto trading desk enables trade on all major crypto exchanges within a single interface, managing the complete crypto asset trading lifecycle across multiple platforms.

With the currently effective fourth AML directive, Anti-Money-Laundering and Know-Your-Customer regulations do not only apply for traditional banking but also the virtual asset and crypto finance market. For regulatory compliance, LCX has invested to build AML and KYC technology solutions, including on-chain analytics and surveillance for all crypto deposits and withdrawals. The LCX due diligence process combines the best-in-breed deep learning-based technologies for ID authenticity check, biometric verification, liveness detection, blockchain analytics, and AML automation.

Monty Metzger, CEO, and Founder of LCX: “We were looking for the most sophisticated biometric technology to develop an unrivaled identity verification process for KYC/AML regulatory compliance. By directly integrating BioID’s APIs in our service offerings, we gain all the accuracy and flexibility we require to serve the regulated crypto finance market.”

As the LCX biometrics provider, BioID facilitates regulatory compliance by validating the authenticity of the LCX customers. In particular, BioID verifies the ownership of IDs, comparing the person submitting the ID with the person on the ID photo with facial recognition. Using BioID’s patented liveness detection, this provides for the highest levels of assurance. As BioID enables face anti-spoofing with standard cameras, the Liechtenstein company can offer secure and convenient self-serve identity proofing for their customers using their own devices, in real-time and frictionless. Liveness detection is a crucial fraud prevention method to avert stolen or fake biometrics from being used for onboarding or authentication.

“With more than 20 years on the identity verification market, we see great synergies with our partner LCX, who demonstrates remarkable innovative strength to cater the need for regulatory compliance in the professional crypto market.”, says Ho Chang, BioID’s CEO. 

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