- LocalBitcoins make use of Elliptic's cryptoasset
transaction and wallet screening solutions
- Crypto flows from dark markets to peer-to-peer exchanges
has dropped over 50% over the past year, according to
Elliptic
LONDON, July 28, 2020 /PRNewswire/ -- Elliptic, the
global leader in cryptoasset risk management solutions, today
announced a partnership with LocalBitcoins, the world's leading
peer-to-peer (P2P) bitcoin exchange.
LocalBitcoins now uses Elliptic's industry-leading suite of
blockchain monitoring tools to prevent the illicit use of its
platform and comply with regulations such as the EU's 5th Money
Laundering Directive (5AMLD) and know-your-customer (KYC)
regulations. By integrating with Elliptic Navigator to screen
crypto transactions, and Elliptic Lens to screen wallets,
LocalBitcoins have now automated their compliance and anti-fraud
processes to drive cost savings and reduce risk.
"By choosing Elliptic, LocalBitcoins have demonstrated their
commitment to eliminating illicit use of their platform," said
Tom Robinson, Elliptic's co-founder
and Chief Scientist. "Like the rest of the crypto industry,
peer-to-peer crypto exchanges have made huge strides in adapting to
the new regulatory environment by introducing more stringent,
technology-enabled anti-money laundering controls. Our data shows
this has led to a 50% reduction in the volume of cryptoassets
moving from dark markets to peer-to-peer exchanges."
"We are pleased to be partnering with the global leader in
blockchain monitoring," said Sebastian
Sonntag, CEO of LocalBitcoins. "Elliptic will enable us to
achieve the highest levels of compliance while increasing
operational efficiency and reducing costs. We will continue to
invest heavily in AML and KYC to maintain a secure and trusted
platform for our valued customers."
Elliptic has built a reputation as the go-to provider of crypto
compliance solutions for enterprise crypto businesses and financial
institutions and was recently recognized by the World Economic
Forum as a Technology Pioneer for its work. Elliptic covers the
broadest range of crypto-assets of any provider at 97% of all
assets by trading volume. The recent addition of 87 further
cryptoassets included privacy coins such as Zcash.
Media Contact
Meredith
Odgers, Elliptic
press@elliptic.co
Jukka Blomberg, LocalBitcoins
info@localbitcoins.com
About Elliptic
Elliptic is the global leader in crypto
asset risk management solutions for crypto businesses and financial
institutions worldwide. Recognized as a WEF 2020 Technology Pioneer
and backed by investors including Wells Fargo Strategic Capital,
SBI Group, and Santander Innoventures, Elliptic has assessed risk
on transactions worth several trillion dollars, uncovering
activities related to money laundering, terrorist fundraising,
fraud, and other financial crimes. Elliptic is headquartered in
London with offices in
New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co
and follow us on LinkedIn and Twitter.
About LocalBitcoins
Founded in 2012, LocalBitcoins is
the world's leading person-to-person bitcoin trading marketplace.
Our mission is to promote financial inclusion by enabling people to
buy, store, transfer, and sell bitcoin in an easy, fast, and secure
way — globally.
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