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Crypto Industry Seeks to Improve Compliance Controls, Stay in Front of Regulators With Behavox Solutions

Behavox to accept payment for services in cryptocurrencies

–Behavox, which provides a suite of security products that help compliance, HR, and security teams protect their company and colleagues from bad actors, announced it is accepting payment in cryptocurrencies, as demand from cryptocurrency exchanges and financial trading firms for Behavox solutions is soaring.

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The surge is driven by the crypto trading industry’s aim to clamp down on cryptocurrencies being exploited by bad actors and attempt to gain credibility with regulators, customers, and law enforcement.

“Aggressive regulatory scrutiny has led crypto firms and exchanges to Behavox’s doorstep to help them implement tougher compliance controls,” said Erkin Adylov, founder and CEO of Behavox. “Bad actors activate when there is heightened volatility, big market shifts, and change – and crypto is at the forefront of financial markets change.”

Although cryptocurrencies have been widely adopted by consumers, businesses, and, increasingly, financial institutions, a lack of regulation and the decentralized nature of digital currencies mean they are highly susceptible to bad actors. Criminals are exploiting cryptocurrencies for a range of fraudulent activities, including money laundering and market manipulation, and nefarious activities such as bribery, corruption, and even terrorism.

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Behavox also announced today that it will begin accepting payment for services in cryptocurrencies.

“We believe that cryptocurrency is the future of money and accepting cryptocurrency is a logical next step,” said Fahreen Kurji, Chief Customer Intelligence Officer at Behavox. “​​As such, it is our moral obligation to ensure we protect cryptocurrencies from bad actors.”

Following a number of high-profile scandals and reports of erratic business practices, cryptocurrency exchanges, in particular, are facing intense scrutiny from regulators, consumers, and law enforcement. To help legitimize business operations, many firms that trade digital assets are now implementing the same compliance controls that are already used by some of the world’s leading financial institutions, including solutions such as Behavox Compliance and Behavox Conduct to generate insights to help them meet their regulatory requirements.

“Regulators have crypto firms in their crosshairs and will be enforcing a range of new regulations in 2022 that simply cannot be ignored. The only way to avoid the wrath of regulators is to get ahead of the game now and introduce solutions, such as Behavox Compliance, which demonstrate that you are taking compliance seriously,” said Kurji.

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