Chile’s Buda Exchange has introduced a mandatory selfie verification requirement when withdrawing cryptocurrencies. The measure will apply to users who have not enabled two-factor authentication.
Chilean exchange Buda Exchange, formerly known as Surbtc, is implementing new security measures “to protect its users from hacking attempts.” And probably to reduce regulatory risks.
The platform will require the user to send a selfie every time a withdrawal of cryptocurrencies is requested. The requirement applies to transactions with large amounts. Also, users who have not activated two-factor authentication (2FA) measures must be verified. The exchange’s decision to introduce selfie verification was influenced by a series of phishing attacks on its customers.
Previously, the exchange had conflicts with banks in Colombia and Chile, where these institutions refused to service it, but now the situation has changed. The exchange has become part of the Colombian sandbox in which joint operations of banks and cryptocurrency companies are tested.
Bank of Bogota, in cooperation with Buda, offers its clients the opportunity to conduct incoming and outgoing transactions with the exchange. The regulator recognizes them as legitimate transactions and exempts users from any blocking or other restrictions that a bank operator may impose.
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