XREX Inc, the Taipei-based neo Fintech, announced that it has implemented a full suite of risk management tools created by TRM Labs, a blockchain intelligence provider, in order to enhance the platform’s ability to “detect and defend against fraud, scammers and suspicious activities.”
XREX is reportedly among the first blockchain companies in Asia to implement TRM Labs’ risk intelligence platform, with modules such as Forensics, Know-Your-VASP (Virtual Assets Service Providers), Wallet Screening, and Transaction Monitoring.
These tools enable XREX to take care of real-time cross-chain analysis on all the crypto transactions on the platform, “giving XREX extra firepower to combat financial crimes, preempt fraud, and root out illicit actors.”
Being led by CEO Dr. Wayne Huang, a globally recognized cybersecurity professional with over 10 years of experience, XREX is one of the most “tightly secured” crypto-fiat platforms.
The firm’s goal is to “level the playing field by using blockchain technology and digital assets to resolve US dollar liquidity shortages faced by cross-border merchants, particularly in emerging markets.”
The collaboration with TRM Labs “reflects XREX’s long-standing commitment to creating a clean, safe, compliant, and trust-based collective financial system that empowers users to participate and contribute to the global economy,” the announcement noted.
“The integration of TRM tools as part of our fraud detection mechanism enables XREX to trace the entire source-to-destination flow of any cryptocurrency transactions on the platform without compromising the data privacy of our users,” added Huang.
Huang also mentioned:
“Such wider and more in-depth visibility allows XREX to quickly identify questionable behaviors and take necessary actions.”
At present, XREX supports Bitcoin (BTC), Ethereum (ETH), USDT, XRP, and BCH, which are “among the hundreds of thousands of digital assets monitored by TRM Labs.”
TRM Labs CEO Esteban Castaño noted that the collaboration with XREX underscores an “increasingly proactive effort by many in the crypto ecosystem to implement … technologies and policies that promote trust and safety for users and collaboration with the regulatory community.”
“At TRM Labs, our goal is to build a safer financial system for all. We do that by working with firms that share our vision, such as XREX, and enabling them to proactively manage risk and build best-in-class compliance programs,” added Castaño.
TRM’s tech offers automated alerts on high-risk activity and accelerates the process of source and destination of funds tracing for investigators, which is “key for compliance teams who need to stay on top of a large number of cases.”
XREX also works with banks, financial regulators, and compliance advocate groups like Financial Action Task Force (FATF) Travel Rule Information Sharing Alliance TRISA.io, and Crypto Defenders Alliance (CDA) to “uphold the highest globally agreed standards and protocols.”
