- As institutional adoption of crypto such as bitcoin increases, compliance is top of the list of challenges that exchanges like HKVAX need to tackle
- Elliptic provides HKVAX crypto AML/CFT solutions for real-time transaction monitoring and wallet screening
HKVAX, an institutional-grade crypto exchange based in Hong Kong, has announced a partnership with Elliptic, the global leader in cryptoasset risk management solutions.
Elliptic supports HKVAX with crypto compliance solutions, including Elliptic Navigator for real-time transaction monitoring and Elliptic Lens for wallet screening, to help prevent the illicit use of its platform and comply with Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) and know-your-customer (KYC) regulations.
As institutional adoption of cryptoassets like bitcoin booms, financial crime risk management is top of the list of challenges that exchanges like HKVAX need to tackle.
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Through a combination of tighter regulation and compliance policies and controls such as those HKVAX is putting in place, there has been a significant shift away from criminal activity on regulated exchanges.
Elliptic’s research shows that the proceeds of bitcoin sent from illicit sources decreased by 45% in 2020. Illicit activity today still accounts for fewer than 1% of all bitcoin transactions, down from 35% back in 2013, which is proof that ongoing efforts by the crypto community and regulators are making crypto a safe place to trade.
“By partnering with Elliptic, HKVAX continues to commit to its compliance obligations to fight against money laundering and financial crime,” said Sam Fok, HKVAX’s Co-founder & COO. “This helps to safeguard our customers’ assets and build a thriving regulated virtual currency environment in Hong Kong.”
“It is because of the ongoing efforts and commitment to compliance by crypto exchanges like HKVAX that customers can enjoy the benefits of transacting and investing in a safe, secure crypto marketplace,” said Simone Maini, CEO of Elliptic. “By adopting Elliptic’s blockchain analytics tools, exchanges like HKVAX can mitigate the ever-evolving cryptoasset financial crime challenges and scale those efforts as crypto volumes take off.”
Elliptic’s customers can assess risk on transactions across more than 100 different assets – including cryptocurrencies, stablecoins, and tokens. This represents the broadest coverage of any crypto transaction screening solution, with support for over 97% of all cryptoassets by trading volume.
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