Liquid for cryptocurrency exchanges
Presenting the use of eKYC and Authentication and how to use Liquid products
Background / Trend
With the unprecedented acceleration in cryptocurrency adoption, it’s inevitable that it has attracted the attention of cybercriminals.
Account details from cryptocurrency exchanges are increasingly becoming targets of theft through tactics like phishing and other forms of spoofing. Such breaches often culminate in unauthorized transactions or unsanctioned money transfers, undermining the security and integrity of digital assets.
In response to these security breaches, many nations are instigating discussions around cryptocurrency regulation and fraud prevention methods. To ensure the safety and security of transactions, companies are proactively adopting measures.
Liquid, a leading company in providing advanced KYC services in Asia Pacific, is dedicated to verifying the identities of both Japanese and international entities. Let’s explore a prime example of how Liquid’s products can be effectively leveraged within the context of cryptocurrency exchanges.
Usage scene of Liquid Products
How to prevent fraud with Liquid products
- Liquid's products enable instant identity verification using official documents through eKYC, thereby preventing the registration of individuals whose identities cannot be corroborated with legitimate documentation
- Liquid's products enable account-to-device binding, thereby preventing unauthorized access and transactions from others' devices.
- Double-checking with biometric authentication when making a transaction prevents fake account owners from making the transaction.
- Implementing Auth Face (facial matching with the photo taken at the registration), only the account owner can make transactions, even if the smartphone is changed, due to a model change etc.
- Facial recognition can help verify identity quickly and accurately in ongoing customer due diligence.
Use case
Binance
Liquid has been selected as an Identity verification partner
In the first step of this initiative, LIQUID eKYC, an identity verification service, will be provided to Binance Japan.
Takeshi Chino, General Manager for Japan at Binance said:
“Binance’s robust KYC framework plays a critical role in protecting the platform, users and community, and the entire ecosystem from potential threats. We are excited to launch our Japan platform in a fully compliant manner with stringent and comprehensive eKYC solutions enabled by Liquid. Binance will continue to uphold a high standard of safety and compliance in Japan.”
Why Liquid?
No.1 share in Japan's eKYC
※Source: ITR “ITR Maket View: Identity Access Management / Personal Authentication Type Security Market 2024” eKYC Market:Sales Value Share by Vendor (FY2019-FY2023Forecast)
Extensive experience in the financial sector.
In particular, exchanges such as Binance and Coinbase have been providing services to various companies.
Features
Images captured on smartphones are often coarse and difficult for image processing and AI-based recognition. However, Liquid’s proprietary image processing technology enables us to achieve low drop-off rates and low proportion of blurry images, as well as high accuracy in automatic facial recognition.
%
Drop-off rate in the lowest case
%
Percentage of unclear images
%
Facial recognition accuracy
※Face recognition of driver’s license photo and selfie photo. Automatic judgment OK: FAR 1/100,000 or less
Please feel free to contact us at anytime
for further information or assistance.
Products
LIQUID eKYC
KYC Application
Liquid provides a comprehensive solution for identity verification that combines document and appearance capture with the highest level of accuracy and judgment.
LIQUID eKYC
AI verification dashboard
Liquid provides an AI verification function that automates identity verification operations and a screening dashboard that allows users to access AI screening-based results for reference.
