Security

Compliant KYC Verification Doesn’t Require Users to Submit Identity Documents

Many cryptocurrency enthusiasts dislike the process of sharing identity documents with exchanges and other service providers PayTrie is experimenting with a different KYC solution, known as Express Verification. 

Sharing sensitive identity verification documents with third parties carries significant risks.

Simplifying KYC Verification

More often than not, a data breach of a third party handling this data will expose users to all kinds of scam attempts.

PayTrie acknowledges something needs to change in this regard, albeit that is much easier said than done.

The company is currently verifying user identities without having them submit any documents at all.

Instead, they need to answer a few questions from their credit report.

This makes for  a more convenient solution, although it still indicates the verifier knows one’s credit report all too well. 

Related Post

If the user can answer these personalized questions correctly, they can begin transacting immediately. 

This doesn’t mean the company is no longer accepting traditional document-based verification, however,

This options till remains available to those who can’t access their credit report or simply prefer that option. 

All of this goes to show that there are different ways of dealing with KYC procedures in the cryptocurrency landscape as well.

Whether anyone will  implement this procedure, is a different matter altogether.

It appears that this new solution still allows companies to be fully compliant yet not annoy their users in the process..

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Step Finance Confirms Major Treasury Breach On Solana

Step Finance has disclosed a significant security incident involving its protocol-owned funds, marking one of…

1 day ago

Crypto Hacks Surge Again As January Losses Hit $86 Million

The crypto industry is once again grappling with a rising wave of security breaches as…

1 day ago

Vitalik Buterin Says Creator Coins Miss The Real Problem

Ethereum co-founder Vitalik Buterin is once again challenging a popular crypto narrative, this time around…

1 day ago

Step Finance Hit By Major Treasury Breach

Shockwaves moved through the Solana ecosystem after DeFi dashboard and portfolio platform Step Finance confirmed…

4 days ago

Tether Caps A Record Year With Explosive Profit Growth

Tether has released its Q4 2025 quarterly attestation, and the numbers confirm what much of…

4 days ago

Lighter EVM Marks A Major Shift From Trading Engine To Full-Stack DeFi Platform

Lighter is officially stepping beyond its roots as a high-performance perpetual DEX with the launch…

4 days ago