EDX Markets, a pioneering crypto exchange backed by a consortium of major Wall Street firms including Citadel, Fidelity, Schwab, Virtu, Sequoia, Paradigm, and others, announced a partnership with Solidus Labs on August 10, 2023, to enhance transaction monitoring across EDX’s platform. The collaboration aims to provide customers with seamless end-to-end transactional risk management capabilities, reflecting key institutional best practices and maintaining the highest compliance standards in the cryptocurrency industry.
EDX Markets is designed to meet the needs of both crypto-native firms and the world’s largest financial institutions, enabling safer, faster, and more efficient trading and settlement of digital assets. Products listed for trading on EDX include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
EDX has chosen Solidus Labs’ HALO platform, a leading crypto market integrity hub, as a central tool to manage and assess risk, prevent financial crime, and comply with evolving regulatory requirements. Solidus Labs is known as the category-definer for crypto-native market integrity solutions, including trade surveillance, transaction monitoring, and threat intelligence. Their mission is to enable safe crypto trading across all centralized and DeFi markets.
HALO currently monitors over 250 million events and $16 trillion in on- and off-chain trading volume per day across more than 150 markets, protecting over 25 million individual and institutional investors. EDX will leverage Solidus Labs’ machine learning-powered detection models and Universal Client Risk Profile capability to identify unusual or suspicious activity on its platform and coordinate the appropriate risk response.
Chris Tyrrell, Chief Compliance Officer of EDX, stated, “Solidus’ transaction monitoring solution is a powerful addition to EDX’s suite of compliance measures. We are focused on bringing the best of traditional finance to cryptocurrency markets and are committed to ensuring safe and compliant trading. As an industry-leading provider of AML solutions for detection of money laundering and financial crime activities in crypto markets, Solidus will help us protect the integrity of our platform while meeting regulatory expectations and Wall Street-grade best practices.”
Asaf Meir, Solidus Labs’ Founder and Chief Executive, added, “We are proud to support EDX’s vision and meet the demand for a safe and compliant cryptocurrency market. Bridging traditional and digital finance through crypto-native risk mitigation tools is core to our mission, and we look forward to working together with EDX to continually increase the standards for safe and integrity-driven crypto trading.”
By leveraging Solidus Labs’ expertise in transaction monitoring, EDX aims to enhance the safety and integrity of its platform, aligning with the growing demand for compliance and risk management in the cryptocurrency space.
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