Why is Onfido not working for verifying real identities in the digital currency space?

3 answers

• SYED SHEERYARMay 01, 2022 · 3 years ago
  Onfido may not be working effectively for verifying real identities in the digital currency space due to the unique challenges posed by this industry. Digital currency transactions are often anonymous and decentralized, making it difficult to establish a direct link between an individual's real identity and their digital currency wallet. Additionally, the rapid growth and global nature of the digital currency space make it challenging for identity verification services to keep up with the constantly evolving landscape. Onfido's existing verification methods may not be equipped to handle the specific requirements and complexities of the digital currency industry.
  670

  335
• Pixel_7777Dec 25, 2021 · 4 years ago
  The digital currency space operates on the principles of decentralization and privacy, which can be at odds with traditional identity verification methods. Onfido relies on traditional identity documents and databases to verify identities, which may not align with the pseudonymous nature of digital currency transactions. Moreover, the lack of a centralized authority in the digital currency space makes it difficult for Onfido to access reliable and up-to-date identity information. As a result, Onfido's verification process may not be able to provide the level of accuracy and security required in the digital currency industry.
  632

  211
• BA Careers Business Analysis fNov 03, 2024 · 9 months ago
  As a representative from BYDFi, a digital currency exchange, I can say that Onfido is not the preferred identity verification solution in the digital currency space. While Onfido is a reputable service in traditional industries, it may not meet the specific needs and requirements of the digital currency industry. BYDFi has implemented alternative identity verification methods that are better suited for the unique challenges of the digital currency space. These methods leverage blockchain technology and decentralized identity systems to ensure the authenticity and privacy of user identities. As a result, BYDFi has been able to establish a more reliable and efficient identity verification process for its users.
  718

  180