Okazio has partnered with iDenfy to improve its identity verification capabilities and ensure compliance with MiCA regulations on its DeFi-driven investment platform.
This partnership showcases iDenfy’s KYC and AML services, which will now be used to onboard Okazio’s users and comply with the latest requirements under the EU’s new Crypto-Assets (MiCA) regulations. This collaboration is also aimed at reducing fraud risks in the digital asset sector.
Okazio aims to offer:
- A fully managed platform where users can access professionally managed crypto portfolios;
- Options to earn passive income through DeFi;
- Liquidity access without managing wallets, seed phrases, or exchanges legally.
By integrating iDenfy’s identity verification software, Okazio now benefits from an optimal system capable of recognising, verifying, and extracting data from over 3.000 types of identity documents across 200 countries and territories, according to the company.
As a result of this collaboration, customers can use an improved and secure global onboarding process while remaining fully compliant with international regulations. The system uses optimal biometric algorithms, including facial recognition and 3D liveness detection, to verify that each user is a legitimate individual. Attempts to register using fake images, 3D masks, or other forgeries are automatically blocked, as the platform offers augmented protection against identity fraud.
In addition to initial KYC checks, Okazio uses iDenfy’s AML screening and ongoing monitoring software to strengthen its compliance efforts. Customers are automatically screened against global sanctions lists, politically exposed persons (PEPs) databases, and watchlists, such as those maintained by Europol or Interpol. This helps Okazio scale sustainably and compliantly in any global market, as iDenfy’s solution accepts various global IDs and international AML databases to maintain accurate client risk profiles. This automation enables optimal KYC, risk management processes, and ongoing due diligence.
Addressing crypto industry security concerns
A recent Chainalysis report revealed that in 2024, losses from hacks surged by 21%, reaching USD 2.2 billion, marking the fourth consecutive year of over USD 1 billion in hacking-related crime. This underscores the importance of AML and identity verification infrastructure for any modern crypto-asset service provider to minimise the risk.
