HashKey Global, a licensed digital asset exchange under HashKey Group teams up with Sumsub, a global full-cycle verification platform, to provide KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions.
Over the past three months, Sumsub has significantly enhanced HashKey Global’s user verification processes, ensuring faster onboarding times and improved compliance for its vast base of nearly 600,000 registered users.
Overcoming onboarding inefficiencies
With the rapid growth of the cryptocurrency industry and increasing regulatory demands, HashKey required a solution to replace its manual verification processes, which generally can be prone to delays and human error. Sumsub was selected for its renowned expertise in the crypto industry and its ability to provide scalable, automated solutions.
Sumsub’s Q1 2024 verification and identity fraud data* saw a 245% year-on-year (YoY) increase in deepfakes worldwide. As a regulated crypto exchange, ensuring swift yet comprehensive anti-fraud and onboarding processes is crucial for HashKey to meet legislative requirements and compliance standards. Sumsub’s solutions have enabled HashKey to significantly enhance verification speed and accuracy while maintaining the high standards required by regulators.
Key achievement: speed and precision
Since implementing Sumsub’s suite of solutions—such as identity document verification, face matching, Liveness and deepfake detection, and Proof of Address checks—HashKey has seen substantial improvements. Key benefits include (on case by case circumstances):
• Average verification time potentially reduced to as low as 20 seconds
• Streamlined entire onboarding process to approximately 3 minutes, from uploading the documents and submitting the application to completing verification
• Average pass rate exceeds 70% across all regions
• Delivering efficiency without HashKey compromising on regulatory commitments.
Increased efficiency has allowed the HashKey to better serve its global user base while continuing to meet regulatory requirements.
“Since our integration with Sumsub, we have processed hundreds of thousands of identity documents, with significantly quicker verification speeds and higher pass rates. We are excited to continue working closely with Sumsub to provide great experiences for our users,” said Ben El-Baz, Managing Director of HashKey Global. As a regulated exchange, ensuring swift yet comprehensive onboarding is paramount to meeting compliance standards. Sumsub’s advanced verification capabilities have allowed us to scale our operations, reiterating our position as one of the more foremost compliant exchanges.”
“We are proud to work with HashKey, one of the leading names in the digital asset space. We have a strong track record within the industry and we’re pleased that this reassured HashKey of our ability to help them navigate evolving regulatory challenges within the sector,” said Inna Lyubashevskaya, Chief Customer Officer at Sumsub. “We have always been committed to ensuring seamless, secure, and compliant verification solutions, and 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.”