Formulating 2024 “Year on the plane”, SUMSB 2025 expects to intensify the coding infrastructure needs – Cryptomode

With the tightening of the regulations globally and fraud by 48 %, the encryption platforms must be prepared for more traffic increases in addition to the high user expectations

London, February 11, 2025 / PRNEWSWIRE / – SumsubThe international full session verification platform, issued today for it The case of the encryption industry 2025 Report, providing exclusive data and visions in the main trends, challenges and innovations that make up the encryption scene*.

The most prominent major landmarks:

• 2024 was “a year on the plane” for encryption exchange: experienced encryption platforms a 20 % increase in traffic During the main market events, such as the re -election of President Donald Trump and Bitcoin in November 2024.
• Fraud in the encryption industry increased 48 %With the formation of the document forgery 31 % Among all discovered fraud cases.
• 60 % From the encryption companies you expect tougher regulations, while only 29 % Completely compliance with the travel base.

While the industry moves in a pivotal period of growth and organization, the report defines three critical challenges faced by encryption providers in 2024 and must be treated in 2025 for success: security threats, technological capabilities, and organization.

Security challenge: fraud rises in the encryption sector

Sumsub data reveals that scam In the encryption industry, I have gone 48 %Now formation 2.2 % Among all attempts to verify via international encryption platforms. This increase sheds light on the need for companies to adopt to discover artificial intelligence, biological measurements, and continuous monitoring to enhance security. Nigeria recorded the highest fraud rate in the encryption sector, with 8.3 % A verification attempts are marked as fraudulent.

The most popular types of fraud are forging documents (affecting 31 % From the companies surveyed), and the hunting (20 %And money thinks (15 %(Followed by the acquisition of the account)14 %And forced verification (12 %).

Technical challenge: traffic mutations to encryption platforms

Innovations such as vital checks, artificially backed automation and authentication of documents are reinforced by the encryption platform users Success rates on board to 93.39 % and 46 % verification timeIn general, the customer improves the plane while reducing the decline.

The report highlights prominent innovations like Verification free of documentsfor Which has strengthened the check -up times in each country, with an average Improved 3.6 %. The three best countries are with the fastest user, not user without user 2 seconds We are Brazil, UK and Bangladesh.

I have gained identity verification without documents already adopting it 19 % One of the companies included in the survey all over the world, as Africa leads the road by 27 %, exposing openness in the region to innovative solutions.

The main user on the plane problems The sheep providers aim to alleviate the following: slow check times, which affect 36 % of the polls included, as well as false positives/negatives (48 %). Moreover, more than half (55 %) of companies have been satisfied with dissatisfaction with the total user experience.

Organizational Challenge: Understanding the requirements for compliance with the travel base

According to surveying CRYPTO industry research in SUMSub 2024, Three out of five (60 %) Companies expect tougher regulations, emphasizing the need for pre -emptive compliance promotions. The main focus is Travel base (FATF 16), which urges VASPS to exchange the selected re -selection information during encryption processes. However, only 29 % It is completely compliance with companies, with unclear instructions that have been martyred as a major barrier. The gap between the legal requirements that make global encryption transactions transparent and its non -contradictory adoption makes many companies vulnerable to penalties and fines.

The study also highlights SUMSIB analysis Pioneering friendly centers in 2024 With well specified regulations, strong infrastructure, innovation -based environments.

“The organizational scene is developing quickly, and the encryption companies cannot fail to knee. It seemed that Europe was leading the world with its comprehensive organizing Mika. However, with the Trump administration strengthening encryption and calling for the framework of digital assets, a stadium plays turns. Mica’s strict requirements may be matter It is difficult for companies to meet, and open the door to the United States to reaffirm themselves as the Cryptation Center “,” Elijah Provin, chief growth official in Smsub. “Once the” Wild West “is considered, the encryption is now at a turning point. Companies must build a strong technology on the plane, enhance security to protect users from fraud, and ensure compliance to avoid sanctions and reputable damage.”

To explore The case of the encryption industry 2025 Report, please visit https://sumsub.com/crypto-industry-report/

* Note about the research methodology in Sumsub

The study compares the internal identity verification data and user activity data from 2023 and 2024, which cover success rates, verification time, and fraud attempts across different regions. The report also includes the SUMSub 2024 encryption research survey, which includes responses from 300 companies across the encryption sectors, banking services, payments and e -commerce.

on Sumsub

Sumsub is the 1st verification provider for the encryption industry with work with 6 of 10 The highest global encryption exchange. Through SUMSUB, KYB, KYB, Travel Base, Unlimited Verification, AML check -up, address check, encrypted transaction monitoring solutions and fraud protection, you can organize your verification process, welcome more customers around the world, and increase traffic rates And meet compliance requirements, reduce compliance requirements, costs, and protect your work.

With more 2500 Customers via Crypto, Fintech, Gaming, Mobility and Edtech Industries support SUMSIB, the largest guide to the travel base for 1700+ Virtual asset service providers (VASPS). With integrated TRP, GTR (owned by Binance), Code, and SYGNA, Smsub provides a fully intertwined travel base protocol, which aims to automate data transfer, reports, and examine transactions to improve compliance, security and transparency.