Title: Sumsub's First-Ever Report Reveals Insights into Crypto Verification and User Demographics
Cryptocurrency Account Details Exposed in Identity Authentication Report by Sumsub
In a groundbreaking move, Sumsub, a leading identity verification solution provider, has released its first-ever report on identity verification standards and user demographics in the crypto industry. The report, based on insights from 200 industry experts and analysis of over 100 million identity verification checks, offers valuable insights into current developments and trends in crypto verification and fraud prevention.
Current Developments and Trends
One of the key collaborations highlighted in the report is Sumsub's partnership with TRM Labs. This partnership aims to integrate blockchain intelligence and identity verification, enhancing Sumsub’s Crypto Monitoring solution. With this collaboration, users can screen wallet addresses, score transactions, and review risk signals in real-time, combating crypto fraud and financial crime effectively [1][2][3].
The report also sheds light on the rising trend of crypto-related fraud. Generative AI-enabled scams saw a staggering 456% increase between May 2024 and April 2025, and overall crypto fraud increased by 48% in 2024, accounting for 2.2% of all verification attempts globally [1][2][5].
As the crypto industry continues to evolve, Sumsub is exploring ways to bridge Web3 and off-chain verification. By creating digital representations of users' off-chain identities, they aim to establish trust and reduce risks in Web3 environments while ensuring full AML compliance where necessary [4].
User Demographics and Verification Practices
The report provides insights into the characteristics of users who pass verification checks, building a comprehensive user profile based on anonymized data. Crypto businesses can use this information to improve the onboarding experience for their users, focusing on factors such as gender, age, languages, and verification time.
Younger users in the crypto industry tend to expect faster verification and user-friendly interfaces. The average user age in the crypto industry is currently 30 years old, a decrease from last year's average of 33, indicating a trend towards a younger audience [6].
Interestingly, 80% of crypto platform users are male, but the gender ratio varies by country. For example, in Fiji and the Philippines, the ratio is almost 1 to 1 [7]. The report does not reveal the exact number of crypto platforms analyzed in the study.
The 10 most popular languages among crypto platform users are English, Portuguese, Spanish, Vietnamese, Russian, Polish, Turkish, Japanese, Greek, and Moldovan. Businesses might consider localizing their interfaces into these languages to cater to their user base effectively [8].
However, the report does not provide specific information about the verification practices of individual crypto platforms.
This comprehensive report serves as a data-driven advantage for businesses in the crypto industry, helping them gain insights into average onboarding times, pass rates, and verification practices in the industry [9]. For detailed information on Sumsub's report, it would be beneficial to access their specific reports or publications directly.
[1] TRM Labs Partnership Announcement [2] Crypto Monitoring Solution Overview [3] Blockchain Intelligence Integration News [4] Web3 and Off-chain Verification Exploration [5] Crypto Fraud Statistics [6] Average User Age in the Crypto Industry [7] Gender Ratio among Crypto Users [8] Popular Languages among Crypto Users [9] Insights into Verification Practices in the Crypto Industry
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