Enhanced KYC Verifications Can Benefit All Crypto Exchanges And Consumers - Here's Why

Enhanced KYC Verifications Can Benefit All Crypto Exchanges And Consumers – Here’s Why

Crypto is a fast-moving sector where new trends – decentralized finance and imperishable tokens in between – are accelerating in the blink of an eye. As the demand for digital assets grows, so does the need for regulation.

Anticipating these regulations and having the systems in place for future compliance can position cryptocurrency exchanges as leaders in the industry. Those who take minimal risk are left behind as customers turn to more reliable options.

Despite this, exchanges can play an essential role in setting the regulatory tone by taking the initiative to bypass compliance and better protect their users. This can help the company build a reputation for security and provide a compelling point of difference from the competition. More than that, it can show regulators how policies can work in practice.

Feasibility study

Prioritizing adaptive and futuristic solutions can facilitate rapid expansion of exchanges into new markets. It can help them control operating costs, reduce risks, and enhance customer experience.

In addition to helping cryptocurrency exchanges achieve compliance, verification technology drawn from hundreds of global data sources can speed up their onboarding process, providing the right balance between security and friction. Collaborating clients on board can quickly and securely give exchanges the competitive edge they need in a market that is getting more crowded with every trade of the crypto revolution.

trullyooIt is an identity verification service that enables exchanges around the world to join clients quickly and securely, and helps crypto platforms achieve their full potential in an ever-changing market.

The company says fast and accurate digital identity verification can help exchanges build trust and security while rapidly expanding their customer base. Improved Know Your Customer (KYC) checks can help scale exchanges more quickly. By knowing exactly their clients and determining the source of the funds, exchanges can position themselves to adapt to future regulatory changes.

“Regulation is a hot topic in the crypto space and one of the reasons we are seeing so many crypto exchanges looking to partner with us,” Trulioo CEO Steve Munford told Cointelegraph. “Working with a platform like Trulioo can help exchanges stay ahead of the curve and stay compliant while preparing for tougher regulations that may be on the horizon.”

How does enhanced KYC work?

Traditional KYC procedures can limit the number of people an exchange can check, especially if they require a passport, driver’s license, or bank account. By contrast, Trulioo provides validation in more than 195 countries and against more than 400 trusted data sources – including mobile networks, credit bureaus, banks, governments and business records. It is also possible to authenticate new users with the help of a profile picture.

Trulioo recently acquired a HelloFlow token-less orchestration solution to speed up digital onboarding and unveil major product updates that include document-free proof of address verification. In another significant development, company executives said they achieved unicorn status after a $394 million Series D funding round.

Trulioo wants to help exchanges navigate the choppy waters of regulation now and in the future with fast, secure, and accurate crypto checks for KYC and Anti-Money Laundering.

This approach can help crypto companies bolster their infrastructure to ensure they are prepared when the next bull run brings a new wave of customers to the exchange.

disclaimer Cointelegraph does not endorse any of the content or product on this page. While we aim to provide you with all the important information we can obtain, readers should do their own research before taking any actions regarding the company and take full responsibility for their decisions, and this article cannot be considered investment advice.

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