Risk management giant LexisNexis has partnered with crypto exchange[1] Blockbid to increase the exchanges security measures Blockbid reports on its Medium account[2] June 4. Blockbid is reportedly one of the first trading[3] platforms to voluntarily observe global anti-money laundering[4] (AML) measures by partnering with LexisNexis and ThreatMetrix security[5] technology firms.
Boosting fraud[6] prevention and know your customer[7] (KYC) measures in respect to banks, the solution “Trade with Confidence” intends to prevent crypto being used in cases of money laundering, terrorism[8] financing, human trafficking, and other illegal activity.
According to the blog post, the newly adopted technology by Melbourne-based exchange Blockbid combines physical and digital identity data, government[9]-issued identifiers, addresses, and biometrics with device identification, geolocation, behavioral analysis, and threat intelligence.
Thomas C. Brown, senior vice president of US commercial markets[10] and global market development at LexisNexis Risk Solutions, claimed that the “Trade with Confidence” system would increase public confidence by deploying the same regulatory tools as those used by major banks[11].
“Implementing similar controls that the biggest banks in the world use adds credibility to cryptocurrency exchanges from a regulator point of view and instils consumer confidence. Ultimately these safeguards provide a solid foundation on which Blockbid and other companies can grow, profitably.”
US-based LexisNexis Risk Solutions[12] was founded in the 1970s[13] as a subsidiary of global information and analytics company RELX Group[14] (LSE: REL/NYSE: RELX), the firm currently has about 10,000 employees according to its LinkedIn profile[15].
Regulatory agencies and governments have expressed trepidation about crypto due to its
