Importance of Business Verification (KYB) for the Crypto Industry in 2023

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Cryptocurrency is still on fire in 2023. As of April 2023, there were more than 11,000 different cryptocurrencies worldwide, showing significant growth in just two years. Since June 2020, Ethereum has seen over a million daily transactions, with no signs of slowing down. With increasing consumer adoption, over 25,000 companies accept cryptocurrency payments worldwide, and there are over 500 million crypto owners globally. The demand for crypto has also led to the emergence of new exchanges, with Binance remaining the largest, conducting over $35 billion in transactions in a single day in April 2023.

The surge in interest in cryptocurrency is not without its challenges. The massive influx of new crypto buyers has created significant pressure on exchanges. During high market periods, several larger exchanges have had to pause new user registrations to catch up with demand. While some exchanges manage to scale up eventually, smaller ones have to pick up some of the slack. However, the problem of slow onboarding persists.⁣

Contrary to popular belief, the crypto market is not only for individuals. Companies are also increasingly entering the crypto industry to enable customer payments and business-to-business transactions. Major players, such as Binance, allow businesses to create accounts. However, the process of opening a business account is even more arduous, requiring a comprehensive set of documents to be uploaded and verified, such as certificates of incorporation, articles of association, bylaws, a list of shareholders and managers, extracts from corporate registries, completed questionnaires, and personal