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CoinDCX partners with crypto-native trade surveillance firm Solidus Labs

By Leandra Monteiro

February 21, 2022

  • Bitcoin
  • Coindcx
  • crypto exchange
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CoinDCXCoinDCX, India’s first crypto unicorn and the nation’s safest crypto exchange, announced that it has selected crypto-native risk monitoring firm Solidus Labs as a strategic compliance partner.

With the aim to protect its users from known forms of market abuse and a plethora of emerging crypto-specific risks, partnering with Solidus will enable CoinDCX to forge greater trust and transparency on its platform.

In an industry-first in India, each and every transaction will be monitored on CoinDCX using Solidus Labs’ machine-learning detection models, and 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. Designed to meet Crypto’s risk monitoring challenges, regulation and licensing requirements, Solidus Labs’ Market Integrity solutions are built natively for crypto transactions, providing precise and holistic detection and reporting to promptly detect, investigate, prevent and report  anomalous activities.

Commenting on the company’s landmark 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.”

This partnership with Solidus Labs enhances 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. CoinDCX’s existing AML/CFT analytics will be integrated in the Solidus Labs market integrity hub, enabling the management of all risk in one place.

On collaborating with CoinDCX, 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.”

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