WOO X is a global centralized crypto trading platform, offering futures and spot trading with top-tier liquidity and price execution. With a team of over 200 employees across Europe and Asia, the platform prioritizes transparency and trust with features such as an industry-first live Proof of Reserves & Liabilities dashboard to give its community of traders confidence in their assets.
The Challenge
At WOO X, ensuring transparency and compliance with global regulations is essential. Previously, the company relied on another provider for user verification but encountered challenges with proactive support and product reliability.
Switching to a new provider only revealed further issues: the service lacked basic checkpoints and an intuitive user interface, and produced a high verification failure rate. Additionally, the support team didn’t have the expertise to address questions effectively. Despite a significant investment of time and resources, WOO X ultimately decided to end the partnership and seek a more robust, reliable provider.
The key criteria for selecting a new provider included:
- Strong anti-fraud expertise
- High conversion rates
- Intuitive UI/UX
- Reliable support team
- Comprehensive KYC verification solutions
- Efficient processing
Chloe Tsai
Head of Legal at WOO X
Previous providers fell short on critical fronts, from product reliability to proactive support. After significant time and resources, we realized we needed a partner with robust anti-fraud expertise and seamless KYC solutions to support our users effectively. Sumsub met these criteria, allowing us to maintain a seamless experience in a space where users can switch providers with ease.
Why Sumsub?
WOO X chose Sumsub as their verification provider to ensure a seamless onboarding experience that would meet stringent compliance standards. Sumsub’s solution combines a user-friendly interface and an informative dashboard, delivering high conversion rates while minimizing user friction.
Chloe Tsai
Head of Legal at WOO X
Sumsub’s KYC solution offers a streamlined experience for both our users and our compliance team. The combination of advanced fraud detection, deepfake protections, and regular updates to counter new fraud tactics made them a clear choice.
Another advantage for WOO X was Sumsub’s Non-Document Identity Verification—a feature not typically found in other providers.
The Solution
WOO X relies on Sumsub’s key solutions, including ID Verification, Liveness, Ongoing ID Monitoring, Custom Fields Extraction, and Known Face Search, to ensure a secure and streamlined onboarding experience.
Sumsub’s platform supports WOO X’s verification needs through:
- Automated verification: Sumsub’s solution flags expired IDs or incomplete information automatically, reducing manual reviews.
- User-friendly experience: The intuitive verification process boosts conversion rates and improves the user experience, while the dashboard simplifies case management for the compliance team.
- Advanced fraud detection: Sumsub’s technology detects unusual or suspicious behaviors, helping WOO X screen out potentially malicious users and safeguard the platform’s integrity.
The Results
Since integrating Sumsub, WOO X has seen a substantial boost in efficiency, with verification times reduced to just 6 seconds and a pass rate now at 91%.
Chloe Tsai
Head of Legal at WOO X
Since integrating Sumsub, we have seen clear and positive results from day one. Most applicants are processed within seconds, and the pass rate exceeds 90%. Based on these performance metrics, we are pleased with the improvements in our onboarding process.
Beyond these metrics, WOO X has also gained other valuable benefits:
- Improved efficiency: Compared to the previous providers, Sumsub’s detailed case management tools have allowed WOO X to make faster, more informed decisions. This improvement has streamlined compliance processes, saving time and reducing the need for multiple verification attempts, which was an issue with the prior setup.
- Faster case resolutions: With Sumsub’s 24/7 live support, WOO X’s team can resolve case-specific inquiries instantly, minimizing delays and maintaining a responsive user experience.
- Optimized user experience: With Sumsub’s user-friendly dashboard, ongoing feature updates, and detailed pre-update documentation, WOO X is prepared for every enhancement, further strengthening the verification process and providing a seamless user experience.
Future Plans
As WOO X grows, the company is focused on optimizing KYC processes through new integrations and expanded capabilities. One key initiative is the implementation of Sumsub’s Non-Doc Verification, enabling eligible users to complete verification with minimal input.
Additionally, with evolving Travel Rule requirements, WOO X also plans to integrate Sumsub’s Travel Rule solution alongside KYC to minimize development work while unifying two essential AML requirements.
Looking ahead, Sumsub will continue to support WOO X’s goals of delivering a secure and compliant platform as it expands its user base and market share.
Chloe Tsai
Head of Legal at WOO X
Sumsub’s innovations reduce the need for in-house research, helping us stay ahead of fraud tactics and regulatory changes while prioritizing user experience and platform security as we grow.