Biometrics for the Cryptocurrency Industry
Whether a crypto exchange, wallet provider or investment app—facial biometrics reduce fraud, improve the user experience, and guarantee higher levels of regulatory compliance.
Biometrics for the Cryptocurrency Industry
Whether a crypto exchange, wallet provider or investment app—facial biometrics reduce fraud, improve the user experience, and guarantee higher levels of regulatory compliance.
The Importance of Biometrics in Crypto Ecosystems
Keyless is used by exchanges, wallets, and investment apps to meet national and regional data privacy regulations such as the UK's FCA Strong Customer Authentication standards, the US FinCEN AML guidelines and SEC oversight, and the EU's MiCA requirements.
Offering built-in multi-factor authentication with one look at the camera of any device, across both mobile and web, Keyless reduces fraud and improves the user experience without storing biometric data anywhere.
Case Study: Swiss-Licensed Bitcoin Investment App
A Swiss-licensed Bitcoin investment app with over $500 million in trading volume faced a common challenge in the crypto space: backing up and recovering 12-digit seed phrases. Keyless implemented its privacy-preserving biometric MFA solution that replaced the wallet seed phrase with a single glance at the camera, removing the need to remember or write the phrase down.
Keyless enables crypto solutions to recover wallets securely using only their biometrics—like a facial scan—backed by passive liveness detection. This innovative approach removes the hassle of managing seed phrases while maintaining the highest level of security.
UK: Meeting FCA Standards
As the FCA tightens its requirements for crypto-asset providers, secure and compliant customer authentication is paramount. FCA regulations demand multi-factor authentication (MFA) that incorporates at least two independent factors: knowledge, possession, or inherence.
Keyless' biometric MFA combines device recognition and facial biometrics into one simple action—meeting the FCA's Strong Customer Authentication (SCA) requirements. With this approach, crypto businesses can deliver both security and convenience to their users.
US: Aligning with AML Guidelines and SEC Oversight
Evolving regulations from FinCEN and the SEC present crypto-asset providers with both challenges and opportunities. Keyless' biometric MFA solution helps organizations align with FinCEN’s stringent identity verification standards while improving trust and security.
By leveraging biometrics and device recognition, Keyless ensures robust security without compromising user experience, positioning crypto businesses to thrive in a regulated U.S. market.
EU: Meeting MiCA Compliance with Ease
The EU's Markets in Crypto-Assets Regulation (MiCA) introduces new compliance requirements, including ESG data disclosures. Keyless supports crypto organizations in meeting these standards by providing MFA that seamlessly combines possession and inherence factors.
With Keyless, users simply look into their camera to complete authentication, ensuring compliance with MiCA while elevating the security and usability of crypto services.
Benefits for Cryptocurrency Solutions
Secure crypto transactions with biometric authentication, ensuring that only verified users can access accounts or approve trades, while maintaining privacy and security.
Simplify wallet recovery by replacing traditional seed phrases with biometric authentication. Users can securely regain access without relying on insecure or cumbersome recovery methods.
Achieve compliance with global standards such as FCA Strong Customer Authentication, FinCEN AML guidelines, and MiCA regulations. Keyless combines security and privacy to meet regional requirements seamlessly.
Provide a frictionless and secure login process by replacing passwords, SMS OTPs, and other outdated methods with privacy-preserving biometrics, improving usability for customers.
The Keyless Advantage
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