Archax deploys Scila AB’s AML and surveillance tech for crypto trading

Rick Steves

Scila is very much in tune with digital assets and cryptocurrencies and has some of the largest cryptocurrency exchanges and traders in its client roster.

Archax has partnered with Scila AB in order to enhance its AML and surveillance capabilities as digital asset trading continues to present immense challenges.

Archax is a digital securities exchange, broker, and custodian regulated by the UK Financial Conduct Authority (FCA) and was the first firm to be listed on the FCA’s Cryptoasset Register.

Scila AB is popular among exchanges, regulators, and market participants

The crypto asset trading platform will use Scila for its cryptocurrency market, deploying the real-time market surveillance and anti-money laundering tool which is popular among exchanges, regulators, and market participants across more than 20 countries.

Scila is very much in tune with digital assets and cryptocurrencies and has some of the largest cryptocurrency exchanges and traders in its client roster.

Lars-Ivar Sellberg, Executive Chairman and Co-Founder at Scila, said: “Digital assets and cryptocurrencies have become an integrated part of the financial system and capital markets. Whilst on a global level, cryptocurrencies and digital assets are largely unregulated, we think it is important that these asset classes become regulated in a similar way as traditional securities. We are excited to work with Archax on this project”.

Rules, reports, search, and replay using machine learning

The Scila solution includes a broad selection of alert rules and reports, a powerful search and replay functionality as well as trading analytics tools. The solution utilises advanced machine learning capabilities, based on both unsupervised and supervised learning.

Graham Rodford, CEO and Co-Founder at Archax, added: “Regulatory convergence between the digital and the traditional worlds has been uncompromising in its progression and Archax believes that this will be a trend that continues to manifest. We see Scila as being perfectly aligned with Archax’s vision for the future of compliance in the digital asset industry.

“Through this partnership, Archax will not only remain compliant with various financial regulators with which it interacts but will also lead the ecosystem with new and progressive regulatory controls for both transaction reporting and market surveillance. By doing this, Archax will facilitate its customers a level of oversight and security in digital asset interaction that has previously been unseen.”

Archax has recently appointed Malcolm Ford to its Institutional Sales division in London and Alex Royle to its executive committee as the new Chief Compliance Officer.

The firm, along with other names within the digital asset space, has joined Broctagon’s inter-exchange liquidity network, NEXUS WorldBook – a crypto liquidity ecosystem, committed to building a cohesive network for both makers and takers.

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