Consumers Consider Identity Verification Vital When Engaging With Crypto Exchanges

New Trulioo report finds 82% crypto leaders agree, say identity verification provides assurances for consumers during uncertain times

New research from Trulioo, a leader in global identity verification, shows consumers consider identity verification vital and reassuring during onboarding and throughout their relationship with crypto exchanges.

The research, highlighted in the “Crypto customers call for reassurance in uncertain times” report, reveals that 70% of crypto users feel more at risk from cybercrime than they did two years ago, and 75% say they’re on higher alert when dealing with companies online. The long-standing goal has been to deliver near frictionless customer onboarding, but consumer expectations are shifting toward some friction to provide security reassurance.

Consumers want evidence that online brands take security seriously, and crypto exchanges are taking steps to meet those expectations. The research found that 66% of crypto users are more tolerant of identity verification than they were three years ago, and 78% are comfortable with the process taking longer or involving more steps.

• 62% of consumers say security is more important to them when opening accounts than it was two years ago
• 82% of crypto companies find it difficult to adjust their identity verification and onboarding approaches in response to shifting market conditions
• 87% of crypto leaders say identity verification needs to be a continuous process throughout the customer journey, rather than a single step during account creation
• 79% of crypto leaders believe building trust requires more agile and resilient onboarding and identity verification

“The world’s largest crypto exchanges turn to Trulioo for identity verification because we enable them to stay ahead of evolving global regulations and keep pace with shifting customer expectations,” said Steve Munford, Trulioo CEO. “Agile and proven identity verification is the foundation for building and maintaining trust as consumers open new digital wallets. That trust provides a competitive advantage for crypto exchanges and opens the door for global growth.”

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