CoinDCX, the popular India-based crypto exchange, announced today that it has selected crypto-native risk monitoring firm Solidus Labs as a strategic compliance partner. With the aim to protect its users from known forms of market abuse and emerging crypto-specific risks, partnering with Solidus will enable CoinDCX to forge greater trust and transparency on its platform.
Going forward, each and every transaction will be monitored on CoinDCX using Solidus Labs’ machine-learning detection models, and state-of-the-art connectivity infrastructure to identify suspicious activity. This guarantees end-to-end monitoring and surveillance of user activity—from fiat deposits, trading transactions, and crypto withdrawal deposits—against fraudulent transactions on CoinDCX’s platform.
Designed to meet crypto’s unique risk monitoring challenges, regulation, and licensing requirements, Solidus Labs’ Market Integrity solutions are built natively for crypto transactions, providing precise and holistic detection and reporting to promptly detect, investigate, prevent and report anomalous activities.
“Especially in today’s technology-entrenched world, countering illicit activities requires harnessing the latest world-class digital solutions from leading industry players such as Solidus Labs. In our long-term efforts to maintain the highest standards of screening and due diligence, CoinDCX is committed to bolstering compliance solutions on our platform.”
– CoinDCX Co-Founder, Neeraj Khandelwal
This partnership with Solidus Labs enhances CoinDCX’s compliance with the Financial Action Task Force’s (FATF) recommendations, reinforcing its existing position to counter money laundering and combat the financing of terrorism. CoinDCX’s existing AML/CFT analytics will be integrated into the Solidus Labs market integrity hub, enabling the management of all risks in one place.
“We are proud to join forces with a crypto powerhouse such as CoinDCX and make inroads into the Indian market, ensuring the utmost standards of market integrity and investor protection available, without compromising growth.”
– Solidus Labs Co-Founder & CEO Asaf Meir
Recently, CoinDCX announced that it has over 10 million users on its platform. The exchange includes the CoinDCX app, CoinDCX Pro for experienced traders, and CoinDCX Prime for HNIs and institutions.
Source: https://www.cryptoninjas.net/2022/02/15/india-based-crypto-exchange-coindcx-beefs-up-aml-protection-with-solidus-labs/