Surveillance corporation Elliptic announced a new partnership with LocalBitcoins. The following is an excerpt from Elliptic’s press release:
LocalBitcoins now uses Elliptic’s industry-leading suite of blockchain monitoring tools to prevent the illicit use of its platform and comply with regulations such as the EU’s 5th Money Laundering Directive (5AMLD) and know-your-customer (KYC) regulations. By integrating with Elliptic Navigator to screen crypto transactions, and Elliptic Lens to screen wallets, LocalBitcoins have now automated their compliance and anti-fraud processes to drive cost savings and reduce risk.
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“We are pleased to be partnering with the global leader in blockchain monitoring”, said Sebastian Sonntag, CEO of LocalBitcoins. “Elliptic will enable us to achieve the highest levels of compliance while increasing operational efficiency and reducing costs. We will continue to invest heavily in AML and KYC to maintain a secure and trusted platform for our valued customers.”