Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange Bittrex teams up with IdentityMind for automated transaction monitoring

Mon, 27 May 2019, 07:43 am UTC

Cryptocurrency exchange Bittrex has entered into a partnership with IdentityMind, a risk management and RegTech compliance platform, for boosting its anti-money laundering (AML) measures.

Founded in 2013, IdentityMind offers a range of solutions covering Know Your Customer (KYC), sanctions screening, AML transaction monitoring, and chargeback detection. It enables digital currency exchanges to comply with KYC and AML regulations worldwide. In March, Binance partnered with IdentityMind to improve existing data protection and compliance measures for its global operations.

In a press release dated May 21, IdentityMind said that Bittrex will leverage its Digital Identities Platform for automated Transaction Monitoring as a core function of the exchange’s AML program for both and Bittrex International platforms.

“We are thrilled to help Bittrex, one of the most important digital exchange platforms in the world, in adopting and realizing the benefits of automated transaction monitoring," said Jose Caldera, IdentityMind’s Chief Products and Marketing Officer.

The announcement comes on the heels of Bittrex’s partnership with iBitt that will focus on launching a new digital asset trading platform in Chile and Peru.

Commenting on the partnership with IdentityMind, Bittrex CEO Bill Shihara said that they have made significant efforts to implement an AML compliance program with the objective of preventing, detecting and remediating suspicious behavior.

“With headquarters in the U.S., our expansion into Europe, and a growing network of partner platforms around the globe, we were looking for a state of the art technology to make our compliance posture worldwide even stronger,” he added.

Last month, the New York State Department of Financial Services (DFS) rejected Bittrex’s application for BitLicense citing a number of factors. In response, Bittrex said at the time that it “fully disputes the findings” and revealed that the department had presented a “supervisory agreement” that, if agreed to, would have resulted in the issuance of a BitLicense and a Money Transmission License to Bittrex.

The agreement, it emphasized, had significant issues including restrictions on the number of coins Bittrex could offer to NY residents to 10, restrictions on the process by which it could offer new coins, and “unrealistic” capital requirements, among others.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,262.14 (+0.15%)
  • Ethereum (ETH) $240.71 (+0.30%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $237.37 (-0.04%)
  • Bitcoin SV (BSV) $185.08 (+1.54%)
  • Bitcoin (BTC) $9,262.14 (+0.15%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.