Instead ofwhat could have been a routine automation effort, the firm opted for broader digitalization to simultaneously address other challenges

As deepfakes, crypto scams and phishing-linked cybercrime become more sophisticated and ubiquitous due to AI and other factors, the cryptocurrency speculation market has come under intense pressure to improve transaction security and comply with evolving, tightening industry regulations and sovereign scrutiny.

A digital asset exchange offering licensed digital asset trading services to users worldwide was in search of a solution to replace its manual verification processes, which can be prone to delays and human errors, considering that the firm was dealing with greater volumes of transactions and also under a wide range of sovereign regulatory obligations to protect users and improve the accuracy of transactions.

This is why HashKey Global decided to go beyond automating verification processes to encompass broader digitalization. By engaging a third party full-cycle verification platform, HashKey Global was able to incorporate a suite of solutions, including identity document verification, face matching, “liveness” and deepfake detection, and proof-of-address checks.

Overall the benefits were quantifiable, and the crypto exchange was able to:

  • reduce verification time to as low as 20 seconds
  • streamline onboarding of users in approximately three minutes
  • exceed a Know Your Customer (KYC) pass rate of 70%
  • strengthen its KYC and Anti-Money Laundering compliance standards
  • increase platform trust in its growing user base of nearly 600,000 people worldwide

Said the firm’s managing director, Ben El-Baz: “We have processed hundreds of thousands of identity documents, with significantly quicker verification speeds and higher pass rates” that have “allowed us to scale our operations”.

According to Inna Lyubashevskaya, Chief Customer Officer, Sumsub, the incumbent platform adopted by HashKey Global: “We are thrilled to be working together. We are aware that HashKey is actively expanding across global markets, therefore we’ll continue to support consumer safety on a regulated level, worldwide.”