Cryptocurrency is a booming sector where new trends like decentralized finance and non-fungible tokens are accelerating in the blink of an eye. And as demand for digital assets grows, so does the need for regulation.
By anticipating these rules and having systems in place for future compliance, crypto exchanges can become industry leaders. Those who do the bare minimum risk falling behind as customers turn to more reliable options.
However, exchanges can play a significant role in setting the regulatory tone by taking the lead to go beyond compliance and better protect their users. This can help a business establish a reputation for security and provide a compelling difference from competitors. Moreover, it can show regulators how the policy can work in practice.
By opting for adaptable, future-oriented solutions, exchanges will be able to quickly expand into new markets. This can help them control operating costs, mitigate risk, and improve the customer experience.
In addition to helping crypto exchanges meet compliance requirements, identity verification technology based on hundreds of global data sources can speed up adoption by offering the right balance between security and difficulty. Connecting customers quickly and securely can give exchanges the competitive edge they need in a market that is getting more crowded with every rise in cryptocurrencies.
Trulioo, an identity verification service that allows exchanges around the world to quickly and securely connect clients, helps crypto platforms realize their full potential in an ever-changing marketplace.
Rapid and accurate digital identity verification can help exchanges build trust and security, as well as quickly expand their customer base, the company says. Advanced Know Your Customer (KYC) checks can help exchanges scale faster. By knowing exactly who their customers are and by ascertaining the origin of funds, exchanges can adapt to future regulatory changes.
“Regulation is a hot topic in the crypto space and one of the reasons we see so many crypto exchanges wanting to partner with us,” Trulioo CEO Steve Munford told . “Working with a platform like Trulioo can help exchanges stay ahead of the curve and stay compliant as they prepare for more stringent regulations that may be on the horizon.”
How does advanced KYC work?
Normal KYC measures can limit the number of people an exchange can verify, especially if it requires a passport, driver’s license, or bank account. In contrast, Trulioo offers validation in over 195 countries and over 400 trusted data sources, including mobile networks, credit bureaus, banks, governments, and business registries. You can also authenticate new users with a selfie.
Trulioo recently acquired HelloFlow’s codeless orchestration solution to speed up digital enrollment and introduced major product updates that include documentless address verification. In another major development, company executives said they had achieved unicorn status following a $394 million Series D funding round.
Trulioo wants to help exchanges navigate the volatile waters of regulation now and in the future with fast, secure, and accurate KYC and anti-money laundering crypto checks.
This approach could help crypto companies strengthen their infrastructure to be ready when the next bull run leads to a new wave of customers on exchanges.
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