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Best practices for KYC/AML

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2022-07-05
< 1 min read

Crypto User Profiles (Inside Scoop From Sumsub’s Identity Verification Report)

Find out user age, languages, onboarding time, and more to build the perfect verification flow for your crypto platform.

This June Sumsub released the first-ever identity verification report for the crypto industry, combining insights from 200 industry experts with analysis of 100M+ identity verification checks. This allowed us to better understand average onboarding time, pass rates and verification practices in the industry.

We also took a look at the characteristics of users who pass verification checks and built up a user profile based on anonymized data.

Gender

80% of crypto platform users are male, although the gender ratio varies by country. For instance, in Fiji and 
the Philippines, this ratio is almost 1 to 1.

Gender ratio by country among crypto platforms’ users

Age

30 is currently the average user age. Last year, the average was 33, so we can see that this audience is getting younger. These statistics could be taken into consideration when building the onboarding process, as younger users expect faster verification and user-friendly interfaces.

age by country (crypto)
Most popular age by country among crypto platforms’ users

Language

Here are the 10 most popular languages among users of crypto platforms:

  1. English
  2. Portuguese
  3. Spanish
  4. Vietnamese
  5. Russian
  6. Polish
  7. Turkish
  8. Japanese
  9. Greek
  10. Moldovan

English, Portuguese, Spanish, Vietnamese, Russian are the five most popular languages among users, so businesses might consider localizing their interfaces into these languages.

Verification time

11 am – 6 pm, weekdays, is when the majority of users undergo verification. Therefore, crypto platforms might experience the heaviest load on their servers during this time.

A “heat map” that indicates when the majority of users undergo verification on crypto platforms

Crypto businesses can take these statistics on gender, age, languages, and verification time into account to level up the onboarding experience for their users.

Dive deep into identity verification standards in the crypto industry to get a data-driven advantage over your competitors.

See Sumsub in action

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