Hong Kong Institutional-grade Crypto Exchange HKVAX Partners with Elliptic to Mitigate Financial Crime Risk
- As institutional adoption of crypto such as bitcoin increases, compliance is top of the list of challenges that exchanges like HKVAX need to tackle
- Elliptic provides HKVAX crypto AML/CFT solutions for real-time transaction monitoring and wallet screening
HKVAX, an institutional-grade crypto exchange based in Hong Kong, has announced a partnership with Elliptic, the global leader in cryptoasset risk management solutions.
Elliptic supports HKVAX with crypto compliance solutions, including Elliptic Navigator for real-time transaction monitoring and Elliptic Lens for wallet screening, to help prevent the illicit use of its platform and comply with Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) and know-your-customer (KYC) regulations.
As institutional adoption of cryptoassets like bitcoin booms, financial crime risk management is top of the list of challenges that exchanges like HKVAX need to tackle.
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Through a combination of tighter regulation and compliance policies and controls such as those HKVAX is putting in place, there has been a significant shift away from criminal activity on regulated exchanges.
Elliptic’s research shows that the proceeds of bitcoin sent from illicit sources decreased by 45% in 2020. Illicit activity today still accounts for fewer than 1% of all bitcoin transactions, down from 35% back in 2013, which is proof that ongoing efforts by the crypto community and regulators are making crypto a safe place to trade.
“By partnering with Elliptic, HKVAX continues to commit to its compliance obligations to fight against money laundering and financial crime,” said Sam Fok, HKVAX’s Co-founder & COO. “This helps to safeguard our customers’ assets and build a thriving regulated virtual currency environment in Hong Kong.”
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“It is because of the ongoing efforts and commitment to compliance by crypto exchanges like HKVAX that customers can enjoy the benefits of transacting and investing in a safe, secure crypto marketplace,” said Simone Maini, CEO of Elliptic. “By adopting Elliptic’s blockchain analytics tools, exchanges like HKVAX can mitigate the ever-evolving cryptoasset financial crime challenges and scale those efforts as crypto volumes take off.”
Elliptic’s customers can assess risk on transactions across more than 100 different assets – including cryptocurrencies, stablecoins, and tokens. This represents the broadest coverage of any crypto transaction screening solution, with support for over 97% of all cryptoassets by trading volume.
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