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-2.18%Reading
Anyone looking to conduct any shady business on peer-to-peer BitcoinBitcoin exchange LocalBitcoins will now have a more difficult time doing so.
The exchange today announced that it has teamed up with Elliptic—a cryptocrypto tracing firm that provides asset risk management solutions. LocalBitcoins plans to use Elliptic's transaction monitoring software to prevent the illegal use of the Bitcoin exchange’s services.
“By choosing @elliptic, LocalBitcoins have demonstrated their commitment to eliminating illicit use of their platform,” said Tom Robinson, Elliptic’s co-founder and Chief Scientist.
We're proud to be working together to make LocalBitcoins an even more safe marketplace!#Bitcoin https://t.co/r9yhqHBaGA
— LocalBitcoins.com (@LocalBitcoins) July 28, 2020
LocalBitcoins has long been criticized for being one of the top destinations for dirty Bitcoins around the world. According to a report from blockchainblockchain analytics firm CipherTrace, the Finnish platform ended 2019 by earning the dubious distinction of having received the most illicit crypto assets throughout the year. It’s been a recurrent pattern since 2017, according to the firm.
The report claimed that Finnish exchanges received 12.01% of all crypto funds associated with criminal activity, and LocalBitcoins alone accounted for more than 99% of all such funds.
LocalBitcoins partnering with Elliptic appears to be an attempt to confront this problem head on.
"We are pleased to be partnering with the global leader in blockchain monitoring," said Sebastian Sonntag, CEO of LocalBitcoins, in a statement. "Elliptic will enable us to achieve the highest levels of compliance while increasing operational efficiency and reducing costs. We will continue to invest heavily in AML and KYC to maintain a secure and trusted platform for our valued customers.”
But in solving one problem, the exchange may be creating a new one for its business.
Peer-to-peer Bitcoinexchange LocalBitcoins today posted its business results for 2019—and business is good, despite struggles dealing with money laundering on the platform and losing ground to rival Paxful. Posting a 10% increase in revenue from the year before, the Helsinki-based company announced an annual revenue of €26.2 million ($29.48 million). The company—one of the most popular cryptocurrency exchanges in the world—said that there were 1.46 million new customers on the platform in 201...
The recent KYCKYC and anti-money laundering (AML) policies implemented by the LocalBitcoins team have caused some privacy-loving purists to jump ship, including traders who may be operating in countries that are sanctioned by the United States.
This may be one of reasons that LocalBitcoins has lost market share to its competitors, such as Hodl Hodl, which have taken the opportunity to grab users in regions like Latin America and Africa, offering the privacy, diversity of services, and ease of use that LocalBitcoins can no longer provide.
For LocalBitcoins, though, that tradeoff appears to be worth it.
Crypto exchange Kraken is willing to hit some pretty tight deadlines, as the exchange works to elevate its brand and market share through a new business solution dubbed Kraken Embed, according to the company’s Head of Payments and Blockchain Brett McLain. In an interview with Decrypt, McLain said that Kraken’s recent tie-up with bunq, a Netherlands-based neobank, was the result of a last-minute shift—and a blueprint for how the company could expand its presence through relationships with similar...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: Choppy week for Coinbase Coinbase flagged a $400 million cybersecurity breach this week—one of the biggest in the company’s history. The most troubling aspect is that the exploit arose because an overseas contractor was bribed to steal customer data. In a video posted online, CEO Brian Armstrong said that criminals were able to gain access to sensitive user data, including names, addres...
Hong Kong investment group Avenir snapped up another 3.4 million shares of BlackRock's iShares Bitcoin Trust ETF (IBIT) during the first quarter, bringing its holdings of the fund to nearly $700 million, according to a U.S. regulatory filing published Thursday—further evidence that spot Bitcoin ETFs are gaining traction among financial institutions. Avenir held 14.7 million IBIT shares worth $688 million as of March 31, according to its filing,. That marks a 30% increase from the firm's IBIT ho...
