Improved KYC verifications can be a win-win for crypto exchanges and consumers - here's why

Adopting tighter Know Your Customer (KYC) controls can give crypto exchanges a competitive advantage over standards-compliant ones minimal.

Crypto is a rapidly evolving industry where new trends including decentralized finance and non-fungible tokens are accelerating in the blink of an eye. And as the demand for digital assets increases, so does the need for regulation.

Anticipating these regulations and putting systems in place for future compliance can position crypto exchanges as industry leaders. Those who do the bare minimum risk falling behind as customers turn to more reliable options.

Exchanges, however, can play an important role in setting the regulatory tone by taking the initiative to go beyond compliance and better protect their users. This can help a company build a reputation for security and stand out from the competition. More than that, it can show regulators how policies can work in practice.

Focusing on adaptable and scalable solutions can facilitate the rapid expansion of trade into new markets. This can help them control operating costs, reduce risk and improve customer experience.

In addition to helping crypto exchanges achieve compliance, identity verification technology that leverages hundreds of global data sources can speed up onboarding, providing the right balance of security and friction. Onboarding clients quickly and securely can give exchanges the competitive edge they need in a market that grows increasingly crowded with every crypto bull run.

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

Fast and accurate digital identity verification can help exchanges build trust and security while rapidly expanding their customer base,...