Trusted by millions worldwide, Binance is dedicated to increasing the freedom of money for users, featuring an unmatched portfolio of crypto solutions, including trading, finance, education, data, research, social good, investment, incubation, decentralization, infrastructure, and more.

The Challenge

In 2021, Binance expanded to new regions with complex regulations and various new languages, where they experienced lower-than-expected pass rates. That’s when they started looking for a new verification provider with expertise in these specific regions and their local languages.

Later, in 2022, Binance’s focus switched to:

1) Boosting approval rates in certain parts of Asia, Africa, and Latin America

2) Staying compliant with regulations for European and other licensed jurisdictions 

3) Improving the customer experience and increasing conversions

4) Preventing fraud

Sumsub turned out to be the perfect solution.

The Solution

Sumsub is now one of Binance’s largest verification partners worldwide, providing user verification in over 100 countries. This includes a smooth onboarding flow with ID Verification (including NINs in Nigeria), Liveness and Face Match, Proof of Address (PoA), Database cross-validation, and Video Identification.

Thanks to Sumsub’s verification solution, Binance has offered simplified local onboarding in Indonesia and Brazil. The user’s identity is verified in less than 5 seconds using their NIK (Indonesian Single Identity Number), CPF (Brazilian Tax ID), full name, and Liveness check. Cross-checking information against trusted databases, Binance verifies the user’s identity with fewer documentation requirements to the user. 

Sumsub also supports different remediation projects according to current regulations across the globe.

Implementation

Integrating Sumsub took just a few weeks and required minimum resources from the Binance team. The project launch and rollout stages are described below.

The Results

Sumsub helps Binance expand to new regions, including emerging markets, and improve approval rates. In each region where Sumsub has been implemented, approval rates increased significantly. 

Sumsub also helps Binance comply with local and global AML regulations in some of the most complicated regions, such as Germany (BaFin) and LATAM countries. 

Thanks to Sumsub’s verification platform, Binance could remain fully compliant with the highest local standards and significantly increase its pass rate in Brazil.

Future plans

Binance’s priority is to improve the customer experience and make the verification process more accessible for applicants. That’s why Sumsub’s goal is to roll out the fastest user verification products globally and prevent financial and reputational losses with its advanced fraud detection suite.