Khandelwal says countering illicit activities requires latest digital solutions
CoinDCX, India’s first crypto unicorn and the nation’s safest crypto exchange, has selected crypto-native risk monitoring firm Solidus Labs of Wall Street, New York, as a strategic compliance partner to protect its users from known forms of market abuse and a plethora of emerging crypto-specific risks.
Partnering with Solidus will enable CoinDCX to forge greater trust and transparency on its platform, and cement its leadership as India’s number one digital asset exchange.
In an industry-first in India, each and every transaction will be monitored on CoinDCX using Solidus Labs’ cutting-edge machine-learning detection models, and state-of-the-art connectivity and infrastructure to identify suspicious activity, CoinDCX said on 15 Feb 2022.
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.
Commenting on the company’s landmark partnership, CoinDCX Co-Founder Neeraj Khandelwal said, “As India’s safest crypto exchange, security and transparency are paramount pillars that have made CoinDCX a trusted partner in our customers’ trading journey. 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.”
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 in the Solidus Labs market integrity hub, enabling the management of all risk in one place.
A pioneer in India’s crypto industry, CoinDCX has tracked unparalleled growth since it was launched in 2018. With aims to democratise access to crypto-based products, CoinDCX has been developing borderless financial services that ensure a faster, simpler, and uninterrupted flow of capital. CoinDCX has contributed to offering clients the security, insurance, and ease of buying and selling that they require so that trading bitcoin or other top cryptocurrencies is now a simple and painless procedure. With its Series C funding round led by former Facebook co-founder Eduardo Saverin’s B Capital, CoinDCX reached unicorn status, becoming India’s first crypto unicorn start-up.
On collaborating with CoinDCX, Solidus Labs Co-Founder and CEO Asaf Meir said, “With the crypto industry seeing rising incidences of crime and malicious activity, it is critical for digital asset companies to ramp up their crypto-native trade surveillance and risk monitoring capabilities. 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 in crypto, without compromising growth.”
CoinDCX recently announced that it now has over 10 million users on CoinDCX’s platform. It is the fastest-growing crypto app in India by the number of volumes transacted. As a leading player in India’s crypto industry, CoinDCX is at the forefront of safety and security, fostering trust and credibility in the sector. CoinDCX continues to scale efforts to make crypto trading simpler for investment novices and veterans alike with its CoinDCX app, CoinDCX Pro for seasoned traders, and CoinDCX Prime for HNIs and institutions, as well as spearheading education in crypto and blockchain with DCXLearn to counter misinformation and drive awareness in emerging technologies and innovation.
CoinDCX is India’s first crypto unicorn and the nation’s safest cryptocurrency exchange. Built with user experience and security in mind, CoinDCX provides instant fiat to crypto conversions with zero fees, so that users can have access to a diverse suite of financial products and services that are backed by industry-leading security processes and insurance protection.
Recognised and awarded for its contribution to the Indian emerging tech space, CoinDCX is backed by investors such as Polychain Capital, Temasek, Bain Capital Ventures, and HDR Group, operator of BitMEX. CoinDCX is ISO Certified and completely KYC/AML Compliant.
With safety and security as its top priority. CoinDCX has partnered with Bitgo, the most trusted crypto custodian in the world, to ensure users’ crypto funds are completely safe and insured on the Go app. In addition, CoinDCX has also partnered with Onfido to protect users against user identification fraud.
Solidus Labs, founded by Wall Street FinTech engineers, has a team of finance veterans on a mission to enable safe and regulated crypto markets through tailored compliance and risk monitoring solutions. A category-definer for crypto trade surveillance and risk monitoring, the firm offers the first crypto-native, comprehensive, automated and testable market integrity hub tailored for digital assets. Crypto businesses globally rely on Solidus’ solutions in order to apply for licensing, attract institutional investors, protect their users and grow faster – and safer. fiinews.com
