LocalBitcoins further tightens compliance via Elliptic’s blockchain monitoring tools

Peer-to-peer (P2P) crypto exchange LocalBitcoins has further tightened its compliance by adopting Elliptic’s blockchain monitoring solutions.

The Finland-based exchange now uses Elliptic’s software to prevent the illicit use of its platform and comply with the EU’s fifth anti-money laundering directive (AMLD5).

LocalBitcoins has essentially automated its compliance process with Elliptic tools as it doesn’t have to manually perform customer due diligence and report suspicious activities. The automation helps save time and money, Elliptic’s co-founder and chief scientist Tom Robinson told The Block.

LocalBitcoins’ move comes in addition to its know-your-customer (KYC) measures implemented in October, which seems to have affected its market share. Last month, LocalBitcoins rival Paxful overtook it in weekly global trading volume for the first time. LocalBitcoins saw trading volumes of over $39.5 million for the week that ended June 6, while Paxful did volumes of nearly $39.8 million.

Notably, Paxful also uses blockchain analytics firm Chainalysis’s tools to identify and investigate high-risk crypto transactions since March of this year.

Elliptic’s Robinson said the firm works with “a number of P2P crypto exchanges” and is in “active discussions” with several others. Robinson declined to share names of those exchanges.

 

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