Sumsub, a full-cycle verification platform, today releases its “State of Verification and Monitoring in the Crypto Industry 2023” report. The findings focus on the regulations and verification practices for crypto companies, with highlights from verification performance and identity fraud statistics.
The intention of the report is to provide crypto businesses with a clear understanding of industry verification standards and trends, offering insights into enhancing user experience and improving operations. To gather direct insights, Sumsub conducted a survey among 100+ crypto companies, and combined its results with expert interviews of professionals in the crypto industry. Overall, 800,000+ fraud attempts were studied for this report. All data was aggregated and anonymized.
Key findings from the report include*:
“As the crypto industry continues to evolve, we see a global trend of decreasing onboarding time for crypto users,“ comments Jacob Sever, co-founder and Chief Innovation Officer of Sumsub. “From 2022 to 2023, verification time nearly halved across all regions, driven by the growing expectation of swifter processes among users. As such, providers face the challenge of complying with increasingly stringent regulations, making solutions such as Non-Doc Verification essential. By expediting onboarding processes, crypto firms eliminate the need for users to upload any documents, better allowing providers to keep pace with industry demands and enhance pass rates, all while thwarting the threat of synthetic fraud.”
To download the free “State of Verification and Monitoring in the Crypto Industry 2023” report, visit https://sumsub.com/crypto-report-2023/.
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