HashKey Global, a licensed digital asset exchange, has teamed up with Sumsub, a global verification platform, to improve its Know Your Customer (KYC) and Anti-Money Laundering (AML) processes.
The partnership aims to reduce onboarding times and enhance compliance with evolving cryptocurrency regulations.
Over the last three months, Sumsub’s technology has helped HashKey address onboarding delays by automating its verification procedures for its 600,000 registered users.
This shift from manual verification to an automated system has allowed HashKey to process user verifications more efficiently.
Sumsub’s solutions also help mitigate identity fraud risks, which have been on the rise globally.
By incorporating features like document verification, face matching, and fraud detection, HashKey has improved verification speed while maintaining compliance with regulatory standards.
The integration is said to have reduced HashKey’s average verification time to as little as 20 seconds, with the entire onboarding process now taking about three minutes.
This has allowed HashKey to enhance its user verification process without compromising on regulatory requirements.
“Since our integration with Sumsub, we have processed hundreds of thousands of identity documents, with significantly quicker verification speeds and higher pass rates. We are excited to continue working closely with Sumsub to provide great experiences for our users.
As a regulated exchange, ensuring swift yet comprehensive onboarding is paramount to meeting compliance standards. Sumsub’s advanced verification capabilities have allowed us to scale our operations, reiterating our position as one of the more foremost compliant exchanges.”
said Ben El-Baz, Managing Director of HashKey Global.
“We are proud to work with HashKey, one of the leading names in the digital asset space. We have a strong track record within the industry and we’re pleased that this reassured HashKey of our ability to help them navigate evolving regulatory challenges within the sector.
We have always been committed to ensuring seamless, secure, and compliant verification solutions, and we are thrilled to be working together. We are aware that HashKey is actively expanding across global markets, therefore we’ll continue to support consumer safety on a regulated level, worldwide.”
said Inna Lyubashevskaya, Chief Customer Officer at Sumsub.