India’s first crypto unicorn CoinDCX formed a strategic compliance partnership with crypto-native risk monitoring platform Solidus Labs.
The goal of the partnership is to protect users from market abuse and crypto-specific risks. CoinDCX will be able to upgrade its transparency as well as enhance its compliance with the Financial Action Task Force’s (FATF) recommendations.
As part of the partnership, CoinDCX’s existing AML and CFT analytics will be integrated into the Solidus Labs market integrity hub to enable management of all risk from a single location.
In what it claims as an industry-first for India, every transaction will be monitored on CoinDCX with Solidus Labs machine learning-powered detection models to uncover suspicious activity. This guarantees end-to-end monitoring and surveillance of user activity from fiat deposits, trading transactions and crypto withdrawal deposits.
CoinDCX co-founder Neeraj Khandelwal said, “As India’s safest crypto exchange, security and transparency are paramount pillars that have made CoinDCX a trusted partner in our customers’ trading journey. Especially in today’s technology-entrenched world, countering illicit activities requires harnessing the latest world-class digital solutions from leading industry players such as Solidus Labs.
“In our long-term efforts to maintain the highest standards of screening and due diligence, CoinDCX is committed to bolstering compliance solutions on our platform.”
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