Elliptic, the global firm focused on digital asset intelligence, is pleased to announce a partnership with Toobit, the cryptocurrency derivatives exchange, to streamline their AML compliance.
Toobit has reportedly become one of the “fastest-growing” crypto derivatives platforms worldwide with a “24-hour combined spot and derivatives trading volume of $14.5 billion.”
Now with over three million users, Toobit expects trading volumes “to grow exponentially.”
To ensure that Toobit continues to meet compliance requirements whilst delivering a fast and frictionless user experience for customers, Toobit needed screening and investigation tools “that can handle surges in trading volumes and complete screenings and tracing of wallets and transactions in real-time.”
Based on the world’s largest blockchain dataset and broadest digital asset coverage, Elliptic’s solutions handle “extremely high volumes of wallet and transaction screening requests, (100m+ per month) even when tracing cross-asset and cross-chain swaps through as many hops as it takes to identify the ultimate source or destination of funds.”
This means that Toobit will benefit from comprehensive, chain-agnostic risk detection made possible by Elliptic’s “automated real-time multi-asset wallet and transaction screening solutions.”
Critically, Elliptic’s “screen first, investigate as necessary” approach and comprehensive suite of configurable alerting capabilities also “maximize the efficiency of the Toobit compliance team and only alert them to the areas of risk or activities that need greater attention.”
Mike Williams, Chief Communication Officer of Toobit said:
“For crypto exchanges, regulatory compliance and confidence are paramount. Elliptic’s best-in-class blockchain analytics solutions enable us to enhance risk management, protect our users, and mitigate risks from financial crime.”
As covered, Elliptic, the global enabler of crypto-asset compliance and risk management, is pleased to announce a collaboration with the DFINITY Foundation, a key player focused on decentralized technology.
This partnership aims to establish various new benchmarks for security and compliance across the Internet Computer Protocol (ICP) ecosystem.
Elliptic’s solutions are said to have set the standard for ensuring compliance worldwide, reportedly “delivering real-time insights and robust risk management across multiple blockchains.”