Turkey’s Top Crypto Exchange Partners With RegTech Leader Coinfirm

Bitexen logo

LONDON, 08 December – Bitexen, Turkey’s top cryptocurrency trading platform has partnered with RegTech provider Coinfirm to bring industry-leading AML (Anti-Money Laundering) and risk monitoring to the blockchain sphere.

With this partnership, the Istanbul-based cryptocurrency exchange Bitexen will be able to efficiently audit counterparty risk and report suspicious activity in line with global FATF guidelines, the EU’s AMLD6 and other supranational regulatory bodies’ requirements. Bitexen joins other leading exchanges in integrating Coinfirm’s AML Platform and analytics solutions to prevent the use of the new digital financial system for the purposes of money laundering and terrorist financing.

“The mass adoption of cryptocurrencies and blockchain begins and ends with retail users. Exchanges and trading platforms are where vast users interact with blockchain-based assets and the security of these points of digital asset exchange are vital in ensuring our ecosystem is transparent. Coinfirm’s AML and analytics platform will provide actionable intelligence to Bitexen’s risk management of assets. Bitexen is a market leader in providing cryptocurrency trading services we are proud to partner with in developing a secure blockchain industry.” stated Pawel Kuskowski, CEO and co-founder of Coinfirm.

Regulations deeply impact the cryptocurrency market as cryptocurrencies face more stringent controls, with exchanges being required to strictly implement effective AML solutions, register with the relevant authorities in their jurisdictions, conduct customer due diligence, and prepare suspicious activity reports (SARs) where these are deemed necessary.

Stricter regulatory requirements, although necessary to fight back against the impact of financial crime and progress the overall adoption of cryptocurrencies, can significantly add to the day-to-day challenges faced by obliged entities, especially given that many compliance teams already experience time and resource constraints. Coinfirm’s blockchain agnostic risk management however is able to efficiently identify counterparty risk so that Bitexen’s easy, reliable and fast Bitcoin and Altcoins trading platform is not affected.

Erdem: “We will grow stronger with the Anti-Money Laundering Platform”

Speaking about the cooperation, Bitexen Technology Inc. CEO and partner Yahya Tuğyan Erdem said, “As Bitexen, we continue to take new steps on AML, which is one of the points we act most sensitively, and to develop our technology with globally proven companies. We are happy to sign such a cooperation with Coinfirm in order to ensure the safety of our users and to provide added value to our country. Our Digital Asset Trading Platform Bitexen, one of our company’s most important products, continues its development with firm steps. With the integration of the AML Platform developed by Coinfirm to our platform, we will grow stronger. We believe that our cooperation with Coinfirm will contribute to our global corporate-growth as a company.”

Founded in 2016, Coinfirm provides a full suite of solutions for exchanges that automate and streamline AML and analytics for cryptocurrencies, allowing entities such as Bitexen to not only fulfill their requirements but do so more effectively and efficiently than ever before. Whether AML risk reports from 270+ risk checks and data points ranging from financial crime to counterparty identity, real-time cryptocurrency monitoring, tracking and investigation of funds, or customization of risk and analytics data.

Bitcoin and cryptocurrencies have been in increasing use in Turkey and other countries as savers turn to anti inflationary assets to retain their spending power in the wake of fiscal responses to the Covid-19 pandemic. Bitcoin (BTC) has increased more than 250% against the Turkish Lira (TRY) YTD. As this ‘flight from fiat’ continues top cryptocurrency exchanges such as Bitexen stand to gain the most as the mass adoption of blockchain picks up steam.

About Bitexen

Bitexen is a cryptocurrency trading platform that has been developed by Turkish engineers who have worked on banking, parity and derivative investment instruments trading platforms, payment systems, information security, prevention of financial fraud and innovation for years

Bitexen was created after the existing local and global cryptocurrency trading platforms were analyzed and implemented with the aim of creating a global platform that would best meet the basic needs of the innovative and cryptocurrency investor. Bitexen is currently offered as a Whitelabel solution offered to both domestic and foreign markets. For more information please visit; https://www.bitexen.com/

About Coinfirm

Coinfirm is the world leader in blockchain analytics and regulatory technology (‘RegTech’) solutions, creating the foundation for the safe and mass adoption of blockchain and cryptocurrencies. Coinfirm specializes in blockchain AML/KYC (‘Anti-Money laundering’ / ‘Know Your Customer’) services and fraud investigations. It offers the industry’s largest blockchain coverage, supporting over 1,500 cryptocurrencies and protocols including Bitcoin and the ERC-20 standard. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions and governments. Coinfirm is the first firm to offer an AML solution to DeFi in the form of the AML Oracle. The company’s services also include Trudatum, a standalone RegTech platform that allows any file to be registered, signed, and verified with 100% accuracy.

The firm also carries out industry analysis demonstrating compliance strengths and weaknesses in the crypto sector as seen in the Know Your Exchange report. For more information please visit; https://www.coinfirm.com/