CoinDCX Enhances AML Protection with Assistance from Solidus Labs

CoinDCX, India’s first crypto unicorn which claims to be the country’s “safest” crypto exchange, announced that it has chosen crypto-native risk monitoring company Solidus Labs as a strategic compliance partner.

With the goal to protect its clients from known forms of market abuse and a plethora of emerging crypto-specific risks, teaming up 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’ … machine-learning detection models, and … connectivity and infrastructure to identify suspicious activity.”

This ensures 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.”

Specifically developed to address crypto’s 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.”

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 space, CoinDCX has experienced steady growth since it was launched in 2018.

With the goal to democratize access to crypto-based products, CoinDCX has been developing borderless financial services that “ensure a faster, simpler, and uninterrupted flow of capital.”

CoinDCX provides robust security, insurance, and ease of buying and selling that customers need so that trading bitcoin or other virtual currencies becomes a simple and hassle-free process.

With its Series C round led by ex- Facebook co-founder Eduardo Saverin’s B Capital, CoinDCX reached unicorn status, becoming India’s first crypto unicorn start-up.

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 now claims 10 million users of its platform.

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