We are excited to share our latest strategic partnership today. LCX has signed a memorandum of understanding (MoU) and a commercial agreement with Elliptic to advance crypto compliance and strengthen LCX’s blockchain analytics.
DeFi Compliance and Know Your Transaction #KYT
In traditional finance, compliance around anti-money laundering #AML and countering-the-financing-of-terrorism #CFT relies on know-your-customer #KYC guidelines. In todays Decentralized Finance #DeFi industry, LCX set up a next-generation compliance suite for know-your-transaction #KYT mechanisms to assess risk in real time and protect against fraud and financial crimes.
See official press release announcement by Elliptic.
Elliptic is the global leader in crypto-asset risk management solutions for crypto businesses and financial institutions worldwide. Recognized as a WEF 2020 Technology Pioneer and backed by investors including Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
Innovating Crypto Compliance
For several months our technology team at LCX had been developing a new advanced and proprietary compliance suite. LCX now utilizes Elliptic’s blockchain monitoring tools to prevent the unlawful use of its platform and to comply with regulations such as the EU’s 5th Anti-Money Laundering Directive (5AMLD) and know-your-customer (KYC) regulations as per the Due Diligence Act (DDA) and Blockchain Act (TVTG) Liechtenstein.
“By choosing Elliptic, LCX has demonstrated their commitment to compliance,” said Simone Maini, Elliptic CEO. “Similar to the rest of the crypto industry, LCX which is going to launch Security Token Offerings (STO) requires higher compliance standards. LCX has taken big steps in adapting to the new regulatory environment introduced by the Liechtenstein government and others will follow a similar path.”
“We are delighted to partner with Elliptic, a global leader in blockchain monitoring”, said Monty Metzger, Founder, and CEO of LCX. “The integration of Elliptic in our new KYC and AML process will enable us to achieve the highest levels of compliance while increasing operational efficiency and reducing application processing costs. We will continue to invest heavily in AML and KYC and aim to set a benchmark in the crypto industry.”
Elliptic Adds Monitoring Support For LCX Token
In addition to this, the LCX Token ($LCX) has also been added to Elliptic’s blockchain analytics coverage adding an extra layer of compliance to LCX’s innovative suite of crypto products and services. The LCX utility token is used to pay fees associated with the services offered by LCX.
Following the addition of over 90 new cryptoassets to Elliptic’s blockchain analytics platform this year, including Zcash, ZEN, and now $LCX, Elliptic continues to provide the broadest coverage of any crypto transaction screening solution with over 97% of all cryptoassets monitored by trading volume.
