Onboarding agility plays a major role in the fast-paced crypto industry, whether it involves adjusting to evolving regulations or adapting to fluctuating markets.
Crypto markets can change quickly. Bitcoin, for example, experienced an 85% price increase between January and April 2023.
That kind of upswing can attract a wave of new customers, but they’ll have the same expectations for speed and security during onboarding. Slow, disjointed onboarding can lead to abandonment and missed opportunity during a market bounce.
Compliance Challenges During Peak Onboarding Periods
Know Your Customer (KYC) diligence is a crucial aspect of ensuring crypto platforms meet their compliance requirements.
But crypto companies can face onboarding challenges if they don’t have sophisticated, agile identity verification technology and expertise. Different countries and regions have different regulatory requirements. Every potential customer has a different risk profile. Fraudsters are always searching for new ways to open accounts.
Onboarding and KYC challenges can grow when new account creation surges. Peak customer acquisition periods put more demand on systems and more focus on ensuring automated workflows run efficiently to prevent manual backlogs.
Crypto platforms can grow confidently with identity verification systems that can rapidly onboard customers while achieving regulatory compliance around the world.
Flexible and Automated Decision-Making
While speed is a crucial verification measurement, accuracy is critical. An account connected to money laundering or fraud can cause compliance failures and financial or reputational damage.
Systems that automatically adjust verification workflows to match customer risk profiles can help crypto platforms layer accuracy with speed. That approach enables smooth onboarding for legitimate customers and extra due diligence for potential bad actors.
An automated system can analyze multiple factors almost instantly to determine a risk score.
- Where does the customer live?
- Is the name on a watchlist or mentioned in adverse media?
- Are any account details connected to problematic users?
- Does the device profile match the user?
- What is the source of funds?
- If it’s a business account, who is the beneficial owner?
Reliable identity data sources and flexible identity document verification techniques can help crypto platforms minimize the opportunities for illegitimate or fraudulent actors to gain access. If fraud, risk and compliance professionals can quickly adjust workflows to match different risk profiles, they can position the company for growth without draining IT resources.
One Global Identity Platform to Power Crypto Growth
With one global identity platform, one contract and one integration, crypto organizations can simplify expansion into new countries while meeting evolving regulatory requirements. The ability to fine-tune workflows country by country helps improve conversion rates while minimizing fraud.
Data source verification, which compares personally identifiable information to local and global data sources, can provide a low-friction user experience. Identity document verification adds an extra layer of assurance. With operational knowledge across markets, advanced analytics and integrated services, Trulioo has the expertise to help crypto companies balance speed and security.
Crypto organizations with robust identity verification processes can adapt to new regulations, launch new services and expand into new countries without building entirely new workflows. The Trulioo platform empowers crypto service providers to achieve compliance and achieve their growth potential anywhere in the world.
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