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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 Bittrex.com 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.

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