{"id":40345,"date":"2024-01-11T23:44:12","date_gmt":"2024-01-11T23:44:12","guid":{"rendered":"https:\/\/www.trulioo.com\/blog\/"},"modified":"2024-01-11T23:44:13","modified_gmt":"2024-01-11T23:44:13","slug":"crypto-customer-onboarding","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/crypto\/crypto-customer-onboarding","title":{"rendered":"Robust KYC Delivers the Key to Crypto Customer Onboarding"},"content":{"rendered":"\n<p>The U.S. Securities and Exchange Commission\u2019s recent approval of 11 spot bitcoin exchange-traded funds (ETFs) holds the potential to drive more people to the crypto market.&nbsp;<\/p>\n\n\n\n<p>\u201cThe decision \u2018marks a significant step towards the institutionalization of cryptocurrency, expanding bitcoin&#8217;s accessibility to a wider audience in a more regulated and simpler manner,\u2019\u201d according to a <a href=\"https:\/\/www.msn.com\/en-us\/money\/other\/sec-approves-spot-bitcoin-etfs-first-crypto-funds-of-kind\/ar-AA1mLQAv\">Jan. 10 Forbes report<\/a> citing emailed comments from Yiannis Giokas, senior director at Moody&#8217;s Analytics.&nbsp;<\/p>\n\n\n\n<p>Digital tokens could get a further boost with the expected April 2024 <a href=\"https:\/\/www.ig.com\/en\/bitcoin-btc\/bitcoin-halving\">bitcoin halving<\/a>. A halving reduces the number of new bitcoins and has been associated with bitcoin price increases. Bitcoin prices went up 28.26% in the month before the May 2020 halving and rose another 461.2% by May the following year.<\/p>\n\n\n\n<p>If recent events produce a resurgence in crypto investing among the general population, exchanges with fast, compliant customer onboarding can take a strong position in the market.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-robust-kyc-compliance\">Robust KYC Compliance<\/h2>\n\n\n\n<p>Whether the market is up or down, regulatory scrutiny is a constant in the crypto industry.<\/p>\n\n\n\n<p>Robust Know Your Customer (KYC) processes at onboarding <a href=\"https:\/\/www.trulioo.com\/industries\/crypto-identity-verification\/kyc\">can help crypto exchanges<\/a> verify identities and perform due diligence to understand customers\u2019 financial activities and risks. Those steps are legally required and, when executed through a global platform with worldwide data coverage, can be fast and secure.<\/p>\n\n\n\n<p>Each country has different requirements around KYC compliance. But common elements of <a href=\"https:\/\/www.trulioo.com\/blog\/kyc\">KYC<\/a> include obtaining and verifying information such as legal name, birthdate, address and national ID number.<\/p>\n\n\n\n<p>The shifting requirements across borders can strain onboarding and compliance teams, especially when crypto exchanges encounter new regulations or changes in risk scenarios. Verification processes that quickly adapt to new conditions can play a critical role in ensuring efficient operations and confident expansion.<\/p>\n\n\n\n<p>Crypto exchanges that achieve peak performance while maintaining compliance can modify onboarding procedures based on country, customer information and <a href=\"https:\/\/www.trulioo.com\/blog\/compliance\/risk-based-approach\">risk-based approach<\/a>. That onboarding agility can help exchanges accelerate verification, reduce abandonment and improve conversion rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-optimized-crypto-onboarding-across-the-globe\">Optimized Crypto Onboarding Across the Globe<\/h2>\n\n\n\n<p>Organizations face a broad range of onboarding challenges \u2013 from compliance obligations to customer expectations \u2013 and Trulioo delivers a balanced, agile response. That\u2019s one reason why the world&#8217;s three top crypto exchanges trust Trulioo for their identity verification needs.<\/p>\n\n\n\n<p>For instance, one crypto exchange turned to Trulioo for accurate, streamlined identity verification and onboarding value optimization around the world. With millions of customers worldwide and billions traded every quarter, the stakes were high for the exchange to ensure customer trust across the globe. But the organization also wanted to identify areas in its onboarding that could be adjusted to improve performance and optimize costs.<\/p>\n\n\n\n<p>Trulioo provided clarity with its <a href=\"https:\/\/www.trulioo.com\/blog\/identity-platform\/streamline-verification\">value optimization program<\/a>, which is a data-led audit that ensures an organization\u2019s configuration of sources and input quality in each market delivers the best possible performance.<\/p>\n\n\n\n<p>That program helped the exchange identify average performance increases greater than 5% in key markets and onboard a predicted 180,000 new users annually.<\/p>\n\n\n\n<p>Whatever the future holds for the crypto industry, Trulioo is there to deliver the flexibility for exchanges to strike the right balance of security, growth and onboarding speed.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"not-post section\">\n\t\t<a href=\"https:\/\/www.trulioo.com\/resources\/case-studies\/crypto-exchange-targets-180000-additional-users-annually\" class=\"block bg-brown-100 md:relative md:flex md:flex-row\" >\n\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t<picture>\n\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/12\/trl-cs-crypto-exchange-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/12\/trl-cs-crypto-exchange-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/12\/trl-cs-crypto-exchange-thumbnail-304x171.jpg\" width=\"304\" height=\"171\" itemprop=\"image\" alt=\"Crypto Exchange Targets 180,000 Additional Users Annually\" class=\"md:h-full w-full object-cover\">\n\t\t\t\t\t<\/picture>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"pt-4 p-6 lg:pt-6\">\n\t\t\t\t<p class=\"p-sm md:p-xxs subheading md:subheading text-red-500 mb-4\">Case Study<\/p>\n\t\t\t\t<h4 class=\" mb-1 text-green-900\" >Crypto Exchange Targets 180,000 Additional Users Annually<\/h4>\t\t\t\t<p class=\"p-sm md:p-xs text-green-900\">Learn how a crypto exchange turned to Trulioo for accurate, streamlined identity verification and onboarding value optimization around the world.<\/p>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/a>\n<\/div>","protected":false},"excerpt":{"rendered":"The U.S. Securities and Exchange Commission\u2019s recent approval of 11 spot bitcoin exchange-traded funds (ETFs)&#8230;","protected":false},"author":8,"featured_media":39821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[329],"post-types":[148,172],"post-topics":[113],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Robust KYC Delivers the Key to Crypto Customer Onboarding<\/title>\n<meta name=\"description\" content=\"Customer onboarding agility can help crypto exchanges accelerate verification, reduce abandonment and improve conversion rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trulioo.com\/blog\/crypto\/crypto-customer-onboarding\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robust KYC Delivers the Key to Crypto Customer Onboarding\" \/>\n<meta property=\"og:description\" content=\"Customer onboarding agility can help crypto exchanges accelerate verification, reduce abandonment and improve conversion rates.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.trulioo.com\/blog\/crypto\/crypto-customer-onboarding\" \/>\n<meta property=\"og:site_name\" content=\"Trulioo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/trulioo\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-11T23:44:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-11T23:44:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/12\/trl-cs-crypto-exchange-thumbnail-1024x584.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" 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