EDX Markets, a pioneering cryptocurrency exchange supported by a group of significant Wall Street companies, including Citadel, Fidelity, Schwab, Virtu, Sequoia, Paradigm, and others, announced a partnership with Solidus Labs to improve transaction monitoring across EDX’s platform. The partnership intends to offer customers seamless end-to-end transactional risk management capabilities, reflecting important institutional best practises and upholding the highest compliance requirements in the bitcoin business.
With EDX Markets, trading and settlement of digital assets can be done in a way that is safer, quicker, and more effective for both crypto-native businesses and the biggest financial institutions in the world. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) are among the commodities available for trade on EDX.
The HALO platform from Solidus Labs, a top centre for crypto market integrity, has been selected by EDX as its main instrument for managing risk, assessing risk, preventing financial crime, and adhering to changing regulatory requirements. For crypto-native market integrity solutions, such as trade surveillance, transaction monitoring, and threat intelligence, Solidus Labs is regarded as the category-definer. Their goal is to make safe cryptocurrency trading possible in both centralised and decentralised markets.HALO now protects over 25 million individual and institutional investors by keeping track of over 250 million events and $16 trillion in daily on- and off-chain trading volume across more than 150 markets. To spot anomalous or suspicious behaviour on its platform and organise the necessary risk response, EDX will use Solidus Labs’ machine learning-powered detection models and Universal Client Risk Profile capability.
According to Chris Tyrrell, Chief Compliance Officer of EDX, “Solidus’ transaction monitoring technology is a valuable complement to EDX’s arsenal of compliance controls. We are devoted to ensuring safe and legal trading and are focused on integrating the greatest aspects of conventional banking to cryptocurrency marketplaces. Solidus will assist us in preserving the integrity of our platform while meeting regulatory requirements and Wall Street-grade best practises as an industry-leading provider of AML solutions for detecting money laundering and financial crime activities in cryptocurrency marketplaces.
The founder and CEO of Solidus Labs, Asaf Meir, continued, “We are delighted to support EDX’s goal and answer the demand for a secure and legal cryptocurrency market. Our objective is to use crypto-native risk mitigation techniques to bridge traditional and digital finance, and we look forward to collaborating with EDX to raise the bar for secure, integrity-driven crypto trading.
In order to better meet the rising demand for compliance and risk management in the cryptocurrency industry, EDX plans to use Solidus Labs’ experience in transaction monitoring to increase the platform’s security and integrity.