LocalBitcoins Adopts Elliptic’s Blockchain Monitoring Solutions to Manage Risk and Support Growth
LocalBitcoins make use of Elliptic’s cryptoasset transaction and wallet screening solutions
Elliptic, the global leader in cryptoasset risk management solutions, 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.
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“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.”
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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.