CoinDCX partners with Solidus Labs to enhance anti-money laundering protection

February 15, 2022

By Anjali Kochhar

Indian exchange CoinDCX has partnered with crypto-native risk monitoring firm Solidus Labs to protect investors from market abuse and emerging crypto-specific risks, the company announced Tuesday.

This partnership will enhance CoinDCX’s compliance with the Financial Action Task Force’s (FATF) recommendations, reinforcing its existing position to counter money laundering and combat the financing of terrorism, the company said.

According to the official statement shared with Blockchain Asset Review, each and every transaction will be monitored on CoinDCX using Solidus Labs’ machine-learning detection models, and state-of-the-art connectivity and infrastructure to identify suspicious activity.

“This guarantees end-to-end monitoring and surveillance of user activity—from fiat deposits, trading transactions and crypto withdrawal deposits—against fraudulent transactions on CoinDCX’s platform,” the statement read.

Commenting on the partnership, 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.”

Solidus Labs Co-Founder and CEO Asaf Meir said, “With the crypto industry seeing rising incidences of crime and malicious activity, it is critical for digital asset companies to ramp up their crypto-native trade surveillance and risk monitoring capabilities. We are proud to join forces with a crypto powerhouse such as CoinDCX and make inroads into the Indian market, ensuring the utmost standards of market integrity and investor protection available in crypto, without compromising growth.”

CoinDCX recently announced that it now has over 10 million users on its platform.


About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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