London, 8th January – Eterbase is known for taking a quality-driven approach and is touted as the ‘bank-grade cryptocurrency exchange’ and wallet with a focus on functionality, security and regulatory compliance.
With the European Union’s 5th Anti Money Laundering Directive coming into enforcement as well as the upcoming FATF requirements, Eterbase has joined other leading exchanges such as Binance in recently integrating Coinfirm’s AML Platform and analytics solutions.
The 5th Anti-Money Laundering Directive or AMLD5 is an EU directive for the prevention of the use of the financial system for the purposes of money laundering and terrorist financing. The new pan-European AML regulations will impact the cryptocurrency market heavily as cryptocurrencies will face more stringent controls, with exchanges among other things 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 where these are deemed necessary.
These stricter requirements, although necessary to fight back against the impact of financial crime and progress the overall adoption of cryptocurrencies, can add significantly to the day-to-day challenges faced by obliged entities, especially given that many compliance teams already experience time and resource constraints.
Founded in 2016, Coinfirm provides an array of solutions that automate and streamline AML and analytics for cryptocurrencies, allowing not just for entities such as Eterbase to fulfill their requirements but do more effectively and efficiently than ever before. Whether AML Risk Reports with 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, the Coinfirm Platform provides a full suite for exchanges.
As a part of Eterbase integrating the Coinfirm Platform, they will also join their AMLT Network and make Coinfirm’s AMLT token available to Eterbase users.
Launched in 2018, Coinfirm’s AMLT Network is the first industry solution that allows entities in the market to share data on cryptocurrency addresses and be rewarded for it. The Network mainly focuses on fighting scams and hacks but also created a data solution for the decentralized economy that is used by anyone ranging from data players such as CoinGecko or other exchanges such as Coindeal.
Coinfirm is a global leader in AML & Analytics for blockchains and cryptocurrencies. With the largest blockchain coverage with over 1300+ cryptocurrencies supported including BTC, ETH, XRP, ERC20 tokens, Hyperledger, and LTC among others. The Coinfirm AML Platform is used by market leaders globally ranging from crypto exchanges and protocols to major financial institutions.
Eterbase started in May 2019 with the goal of becoming the Premier Digital Asset exchange that fills the underserved market for a reliable exchange with a robust operational and technological infrastructure on par with large banks and Wall Street firms. Currently, Eterase offers a fast and secure trading interface with a FIAT gateway through SEPA and along with their native token XBASE, Eterbase is also the home of the first anti-inflationary stablecoin pegged to EUR – EURBASE that will soon be upgraded with interest (staking) rewards. https://www.eterbase.com