Case Study: BingX achieves 61% higher approval rates with Sumsub

BingX Grows Approval Rate by 61% with Sumsub

BingX, one of the world’s leading cryptocurrency exchanges, needed a more efficient way to handle onboarding and identity verification as it expanded globally across regions with different regulatory and compliance requirements. Before working with Sumsub, BingX relied on manual document reviews, which made scalability, accuracy, and consistency difficult while maintaining KYC and AML compliance.

With Sumsub, BingX implemented ID Verification, Liveness and Face Match, and Non-Doc Verification to automate and strengthen its onboarding process. The results were strong: BingX’s conversion rate rose from 54% in 2022 to 86.9% in 2023, the average approval rate reached 86.9%, median verification time was 6 seconds, and more than 90% of applicants were processed within one minute.

BingX