BingX’s global expansion led them to engage with a diverse array of customers, including those in regions with distinct regulatory and compliance requirements. This presented BingX with a significant compliance challenge, keeping up with a constantly shifting regulatory landscape in different countries.
BingX needed an automated verification solution to enhance the security and efficiency of its onboarding and identity verification processes. This was due to the rapid growth of the cryptocurrency and blockchain industries, highlighting the importance of robust KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance. For BingX, automating these processes was essential to streamlining customer onboarding and meeting regulatory requirements more effectively.
Before integrating Sumsub, BingX relied on manual verification, with their team manually reviewing user identity documents and other information. This process was time-consuming and posed challenges in terms of scalability, accuracy, and consistency, primarily as the company engaged with a broader user base.
Chief Product Officer at BingX
By partnering with Sumsub, we aimed to ensure compliance with a wide range of international regulations and adapt to the specific requirements of the regions in which we operate. Sumsub’s solution has helped address these challenges and maintain compliance across different jurisdictions.
BingX utilizes the following Sumsub solutions:
- ID Verification – A seamless solution for onboarding any number of users worldwide
- Liveness and Face Match – A biometric technology that helps ensure customers are truly present during verification
- Non-Doc Verification – A swift non-document check through government databases/open banking
BingX conversion rate increased from 54% in 2022 to 86.9% in 2023. More than 90% of applicants are processed within one minute.
To further improve the user experience, BingX is looking into integrating trading bots and automated market makers.