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UK Regtech Firm ComplyAdvantage Adds Elliptic to Its Crypto Compliance Suite
ComplyAdvantage is already working with crypto firms like Paxos and Gemini, but mainly on the fiat AML side of things.
By Ian Allison
Updated May 11, 2023, 4:04 p.m. Published Oct 26, 2021, 5:00 a.m.
London-based regtech firm ComplyAdvantage is beefing up its cryptocurrency anti-money laundering (AML) capabilities by partnering with blockchain sleuthing company Elliptic.
ComplyAdvantage is already working with crypto firms including Paxos and Gemini, but mainly to assist on the fiat AML side of things, said ComplyAdvantage Vice President Rob Dickinson. White-labeling Elliptic’s blockchain tracking and wallet attestation provides Dickinson’s firm with deeper on-chain detection tools.
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“What we already provide for some of the larger crypto exchanges is the behavioral side. So looking at when Entity A sends money to Entity B via Entity C,” Dickinson explained in an interview. “Elliptic then gives us the ability to say this entity, if you follow up or down the chain, is linked to a darkweb pool somewhere, or a less-than-reputable exchange elsewhere.”
Partnering with blockchain sleuthing firms is probably a smart move, particularly in light of Mastercard’s recent acquisition of Elliptic rival CipherTrace.
Read more: Mastercard to Acquire Crypto Tracing Firm CipherTrace
As regulatory scrutiny intensifies, and financial institutions like card providers and banks edge closer to crypto, on-chain analytics could be another must-have, a bit like providers of crypto custody.
“The larger banks’ tolerance to reputational risk is extremely low,” said Dickinson. “They want to be able to look down the chain and be aware if some particular wallets are involved in some scams.”
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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