What are some alternative methods to verify a user's funds without sharing a screenshot of a bank statement on a cryptocurrency exchange?

3 answers

• Dec 24, 2021 · 3 years ago
  One alternative method to verify a user's funds on a cryptocurrency exchange without sharing a screenshot of a bank statement is through the use of API integrations. Many exchanges provide APIs that allow users to connect their cryptocurrency wallets directly to the exchange platform. By securely linking the wallet address to the exchange account, the exchange can verify the user's funds without the need for sensitive financial information. This method ensures privacy while still allowing for accurate verification of funds.
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• Dec 24, 2021 · 3 years ago
  Another option to verify a user's funds without sharing a screenshot of a bank statement is through the use of blockchain explorers. Blockchain explorers are online tools that allow users to view the transaction history and balances of specific cryptocurrency addresses. By providing the exchange with a public address associated with their funds, users can allow the exchange to independently verify their holdings without the need for personal financial documents. This method provides transparency and security for both the user and the exchange.
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• Dec 24, 2021 · 3 years ago
  At BYDFi, we have implemented a unique method for verifying user funds without requiring a screenshot of a bank statement. We utilize a decentralized finance (DeFi) protocol that allows users to lock their cryptocurrency assets in smart contracts. These smart contracts are audited and transparent, providing a secure and verifiable way to confirm a user's funds without compromising their privacy. This method ensures the integrity of the verification process while maintaining user confidentiality.
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