Paxful, the largest P2P Bitcoin marketplace in Africa, has announced mandatory ID verification for citizens and residents of Cameroon.
Cameroon is the only African country out of a list of 43 countries where ID verification on Paxful will be mandatory.
In a blog post, Paxful stated that users from these countries have until December 2020 to verify their identity on the platform. Non-compliance will result in limited use on Paxful such as the inability to trade or create offers.
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SEE ALSO: Paxful, Africa’s Largest P2P Bitcoin Marketplace, Partners with Chainalysis for Increased Transactions Overwatch
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According to Paxful, Cameroon is one of the top African countries experiencing high trading volumes on the platform as shown below:
- Nigeria
- Ghana
- Kenya
- South Africa
- Cameroon
The move to enforce mandatory verification was likely influenced by these high trading volumes and the need to ensure security for both vendors and users of the platform.
In early 2020, Paxful partnered with Chainalysis, the leading blockchain and crypto analysis firm globally, for increased overwatch of transactions on the platform.
The partnership added the following new controls and levels of security and compliance on Paxful:
- New controls for customer protection
- Transaction blocking for high-risk addresses linked to terror financing
- New controls for sanctioned addresses
- New controls for child abuse websites
- New controls for stolen credit card websites
The above controls will be made possible by leveraging the Chainalysis Know Your Transaction (KYT) engine that will enable Paxful to do the following:
- Monitor large volumes of crypto activity
- Identify high-risk transactions on a continuous basis
- Real-time alerts on the highest-risk activity
- Enhanced due diligence
- Allow compliance teams to focus on the most urgent activity
- Better allocate resources to enforce compliance policies
- Fulfill their regulatory obligations to report suspicious activity
Having a verified account on Paxful offers a number of benefits, one of which is the ability to quickly and efficiently resolve P2P trading disputes.
Check out the video below to understand how the Paxful verification process works:
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RECOMMENDED READING: [WATCH] The Know Your Customer (KYC) Challenge for Crypto Companies in Africa
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Open a Paxful Bitcoin Trading Account to get started!
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