Two crypto-based companies CipherTrace and Modulus have partnered with each other in order to incorporate the former’s Anti Money Laundering (AML) solution in the latter’s cryptocurrency exchange solution.
Modulus’ esteemed clientele include Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays and thousands of others in 90 nations, for whom the firm has provided high-frequency trading systems, exchanges, trade surveillance systems, and risk management systems over the past 20 years.
Recently, they had launched a system that uses machine learning to isolate and combat instances of “market manipulation, abusive trading behavior, and money laundering”
CipherTrace’s technological solution, too, is designed to identify and work against money laundering services, dark markets, and other criminal activity. The two are set to work together as partners to help “customers maintain a low-risk profile, enabling them to safely grow their exchanges.”
Stephen Ryan, COO of CryptoTrace said thus:
“CipherTrace is excited to partner with Modulus Global and its crypto exchange customers. The CipherTrace Anti-Money Laundering solution is plug compatible with the Modulus Exchange platform and allows exchanges to safely grow their businesses while meeting the AML requirements of Government Regulators. The CipherTrace AML solution is available immediately to risk-score both Bitcoin and Ethereum transactions. Now exchanges can safely participate in crypto asset business and minimize potential future liability.”
It is a general consensus that the domain of cryptocurrency has no proper regulatory measures as of now to monitor and punish malpractices in its system. It is hoped that advancements such as these will take crypto security to the next level and encourage more ‘conventional’ investors to test depths in the domain.
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