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

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2 years ago

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With regulations tightening globally and fraud surging by 48%, crypto platforms should be prepared to more traffic increases as well as rising user expectations

LONDON, 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:

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 sector

Sumsub’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 platforms

Innovations 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, which impact 36% of surveyed companies, as well as false positives/negatives (48%). Furthermore, over half (55%) of companies reported dissatisfaction with overall user experience.

Regulatory challenge: understanding Travel Rule compliance requirements

According to Sumsub’s Crypto Industry Research Survey 2024, three-in-five (60%) companies foresee stricter regulations, emphasizing the need for proactive compliance upgrades. A key focus is the Travel Rule (FATF Recommendation 16), which urges VASPs to exchange sender-recipient information during crypto transfers. However, only 29% of companies fully comply, with unclear guidance cited as a key barrier. The gap between legal requirements rendering global crypto transactions transparent and their disproportional adoption leaves many firms at risk of sanctions and fines.

The study also highlights Sumsub’s analysis of the leading crypto-friendly hubs in 2024 with well-defined regulations, strong infrastructure, and innovation-driven environments.

“The regulatory landscape is evolving rapidly, and crypto businesses cannot afford to fall behind. Europe once appeared to be leading the world with its comprehensive MiCA regulation. However, with the Trump administration promoting crypto and advocating for a digital asset framework, the playing field is shifting. MiCA’s stringent requirements may be challenging for companies to meet, opening the door for the U.S. to reassert itself as the hub of crypto innovation,” comments Ilya Brovin, Chief Growth Officer at Sumsub. “Once deemed the ‘Wild West,’ crypto is now at an inflection point. Companies must adopt robust onboarding technology, strengthen security to protect users from fraud, and ensure compliance to avoid penalties and reputational damage.”

To explore the State of the Crypto Industry 2025 report, please visit https://sumsub.com/crypto-industry-report/

* Note on Sumsub’s research methodology

The study compares internal identity verification and user activity data from 2023 and 2024, covering pass rates, verification time, and fraud attempts across various regions. The report also features Sumsub’s Crypto Industry Research Survey 2024, which includes responses from 300+ companies across the crypto, banking, payments, and e-commerce sectors.

About Sumsub

Sumsub is the #1 verification provider for the crypto industry working with 6 out of 10 top global crypto exchanges. With Sumsub’s customizable KYC, KYB, Travel Rule, Non-Doc Verification, AML Screening, Address Verification, Crypto Transaction Monitoring and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, maximize pass rates, meet compliance requirements, reduce costs, and protect your business.

With over 2500 clients across crypto, fintech, gaming, mobility and edtech industries, Sumsub supports the largest Travel Rule directory of 1700+ virtual asset service providers (VASPs). Having integrated TRP, GTR (owned by Binance), CODE, and Sygna, Sumsub offers fully interoperable single communication Travel Rule protocol, which aims to automate data transfers, reporting, and transaction screening to improve compliance, security, and transparency.

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SOURCE Sumsub

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LEAP Group Relaunches HumanView, a Growth Intelligence System Built to Explain Why Customers Behave the Way They Do

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6 hours ago

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October 24, 2026

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Reimagined from the ground up, HumanView pairs statistical modeling with expert analysts to turn millions of real-world customer signals into business decisions

LOUISVILLE, Ky., Oct. 23, 2026 /PRNewswire/ — LEAP Group today announced the relaunch of HumanView, its growth intelligence service. The new version has been rebuilt from the ground up and now has a dedicated home at leapgroupnetwork.com/humanview.

HumanView analyzes what customers say and do across social platforms, e-commerce sites, review platforms, search behavior and user-generated content, including signals from Reddit, TikTok, YouTube, Meta, Amazon and Walmart+ that general AI tools cannot always access. Because the data reflects unprompted, real-world behavior, it avoids the response bias built into surveys and focus groups.

The service works in three layers. HumanView captures signals at scale, decodes millions of records through validated statistical models such as regression, correlation and clustering, and then relies on experienced analysts to interpret the patterns. Clients receive clear, human-validated insights instead of another dashboard.

“Machines find the patterns. Humans find the point,” said Alan Gilleo, CEO at LEAP Group. “The first version of HumanView showed us how much customers reveal when nobody is asking them questions. This version is built to explain why they act the way they do, and to put those answers in front of everyone making decisions, from product to service to marketing.”

HumanView focuses on three areas:

Growth Intelligence: customer motivations and how people perceive a brand and its competitors

Market and Category Intelligence: product pain points, service friction, unmet needs and competitive gaps

Audience Intelligence: new segments, positioning opportunities and gaps in the market

Every model is designed and validated by data scientists and benchmarked before it informs a recommendation.

To learn more about HumanView, visit leapgroupnetwork.com/humanview.

About LEAP Group
LEAP Group is a boutique marketing agency holding company with offices in Louisville, Indianapolis, Cincinnati and Chicago. Guided by the belief that brands should “Market Less. Matter More.,” LEAP gives clients access to specialized experts across its entire network. Learn more at leapgroupnetwork.com.

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SOURCE LEAP Group

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STEPHEN A. SMITH ADDRESSES WHITE HOUSE DINNER ATTENDANCE, REAFFIRMS COMMITMENT TO HBCUs AND PROTECTING CORPORATE INVESTMENT IN BLACK EDUCATION

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7 hours ago

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October 24, 2026

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Stephen A. Smith, media mogul, New York Times bestselling author, and proud 1991 graduate of Winston-Salem State University, is addressing the public discussion surrounding his decision to attend a White House dinner with President Donald Trump, emphasizing his commitment to the long-term financial stability of Historically Black Colleges and Universities (HBCUs).

For Smith, the decision was rooted in a commitment to institutions that have educated generations of Black leaders, professionals, entrepreneurs, and public servants.

“I will always advocate for HBCUs and the students whose futures depend on them,” Smith said. “My reason for attending the White House dinner was to discuss the challenges these institutions face in securing long-term funding and to make the case that corporate America must continue to invest in them.”

Smith acknowledged federal support through the FUTURE Act while expressing concern that political tensions surrounding diversity, equity, and inclusion (DEI) could discourage private companies from supporting HBCUs. He maintains that these institutions deserve sustained corporate partnerships, philanthropic contributions, and public investment.

“If we truly believe in free-market capitalism, businesses should be able to support educational institutions and charitable causes without fear of criticism or repercussions,” Smith said. “HBCUs have made extraordinary contributions to this country. They deserve sustained public and private investment.”

Ashley Christopher, Esq., Founder and CEO of the HBCU Week Foundation, recognized Smith’s advocacy and decision to engage with the administration.

“Stephen A. Smith has been a powerful advocate for HBCUs, using his platform and influence to shine a national spotlight on our institutions,” expressed Christopher, “His continued support of HBCU Week helps advance our mission of connecting students with life-changing educational opportunities, and we are proud to have him as our ambassador.”

Since Smith became an HBCU Week Ambassador in 2019, the initiative has facilitated more than 15,000 on-the-spot college acceptances and raised and awarded more than $150 million in scholarships, according to the HBCU Week Foundation.

As public discussion continues, Smith is emphasizing the importance of ensuring HBCUs have the resources and partnerships needed to educate future generations and expand opportunities for students.

CLICK HERE to watch Smith’s full response to his White House visit.

MEDIA CONTACT:

media@mrsasinc.com

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SOURCE Straight Shooter Media

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Advantex Announces Completion of Financing and Extension of Maturity Date of Previously Issued Debentures

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7 hours ago

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October 24, 2026

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TORONTO, Oct. 23, 2026 /CNW/ — Advantex Marketing International Inc. (CSE: ADX) (“Advantex”), a leader in the merchant cash advance and loyalty marketing products for merchants, today announced the completion of a $250,000 secured debt financing. Advantex issued a $250,000 non-convertible debenture which bears an interest rate at 12% per annum and matures December 15, 2027. The proceeds raised from this issuance of the Debenture will be used for working capital purposes.

Advantex has also extended the maturity of its existing $700,000 in 12% secured debentures from October 10, 2026 to December 15, 2027.

About Advantex Marketing International Inc.

Advantex provides working capital to merchants. Advantex also provides specialized marketing programs that enable members of Aeroplan to earn Aeroplan points at participating merchants.

Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information go to Advantex’s profile on www.sedar.com

Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to the future business and operations of Advantex. Actual results and developments may differ materially from those contemplated by these statements. The business and operations of Advantex described herein is dependent on a number of factors and is subject to a number of risks and uncertainties. Factors that could cause actual results to differ material include, but are not limited to, changes in Advantex’s economic and competitive conditions including but not limited to the industry sectors in which Advantex operates.

The statements in this news release are made of the date of this release. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and Advantex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

SOURCE Advantex Marketing International Inc.

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