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
- Crypto flows from dark markets to peer-to-peer exchanges has dropped over 50% over the past year, according to Elliptic
Jul 28, 2020, 03:00 ET
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
[email protected]
Jukka Blomberg, LocalBitcoins
[email protected]
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.
SOURCE Elliptic
