Coining 2024 ‘A Year Of Onboarding’, Sumsub Report Predicts 2025 To Intensify Crypto Infrastructure Needs 

With regulations tightening globally and fraud surging by 48%, crypto platforms should be prepared to more traffic increases as well as rising user expectationsLONDON, Feb. 11, 2025 /PRNewswire/ — Sumsub, a global full-cycle verification platform, today released its State of the Crypto Industry 2025 report, offering exclusive data and insights into the major trends, challenges, and innovations shaping the crypto landscape*.Key highlights:Continue Reading


Sumsub releases its State of the Crypto Industry 2025 report, offering exclusive data and insights into the major trends, challenges, and innovations shaping the crypto landscape.
2024 was ‘a year of onboarding’ for crypto exchanges: crypto platforms experienced a 20% rise in traffic during major market events such as the re-election of President Donald Trump and Bitcoin rallies in November 2024.
Fraud in the crypto industry has soared by 48%, with document forgery constituting 31% of all detected fraud cases.
60% of crypto companies foresee stricter regulations, while only 29% fully comply with the Travel Rule.
As the industry navigates a pivotal period of growth and regulation, the report identifies three critical challenges that crypto providers faced in 2024 and should address in 2025 in order to succeed: security threats, technology capabilities, and regulation.Security challenge: Fraud rising in the crypto sectorSumsub’s data reveals that fraud in the crypto industry has gone up by 48%, now making up 2.2% of all verification attempts across global crypto platforms. This surge highlights the need for companies to adopt AI-powered detection, biometrics, and continuous monitoring to enhance security. Nigeria recorded the highest rate of fraud across the crypto sector, with 8.3% of verification attempts flagged as fraudulent.The most popular fraud types are document forgery (affecting 31% of surveyed companies), phishing (20%) and money mulling (15%), followed by account takeover (14%) and forced verification (12%).Tech challenge: traffic spikes to crypto platformsInnovations like biometric checks, AI-backed automation and document-free verification have boosted crypto platform users’ onboarding success rates to 93.39% and reduced verification time by 46%, overall improving customer onboarding while reducing drop-off cases.The report highlights notable innovations like document-free verification, which has enhanced verification times in every country where it was implemented, with an average improvement of 3.6%. The top-three countries with the fastest non-document user onboarding speed of 2 seconds are Brazil, the UK and Bangladesh.Document-free identity verification has already gained adoption by 19% of surveyed companies worldwide, with Africa leading the way at 27%, showcasing the region’s openness to innovative solutions.The key user onboarding issues that crypto providers aim to mitigate include: slow verification times, whic