CoinDCX taps Solidus Labs to enhance crypto surveillance

Rick Steves

Solidus Labs guarantees end-to-end monitoring and surveillance of user activity—from fiat deposits, trading transactions and crypto withdrawal deposits—against fraudulent transactions on CoinDCX’s platform.

CoinDCX has partnered with crypto-native risk monitoring firm Solidus Labs as a strategic compliance partner with the aim to protect its users from known forms of market abuse and emerging crypto-specific risks.

The Indian crypto exchange will thus be able to forge greater trust and transparency on its platform, with each and every transaction being monitored using Solidus Labs’ machine-learning detection models, connectivity and infrastructure to identify suspicious activity.

Solidus Labs’ Market Integrity solutions are built natively for crypto transactions and provide precise and holistic detection and reporting to promptly detect, investigate, prevent and report anomalous activities.

Neeraj Khandelwal, co-founder at CoinDCX, said: “As India’s safest crypto exchange, security and transparency are paramount pillars that have made CoinDCX a trusted partner in our customers’ trading journey.

Monitoring and surveillance of user activity

“Especially in today’s technology-entrenched world, countering illicit activities requires harnessing the latest world-class digital solutions from leading industry players such as Solidus Labs. In our long-term efforts to maintain the highest standards of screening and due diligence, CoinDCX is committed to bolstering compliance solutions on our platform.”

Solidus Labs guarantees end-to-end monitoring and surveillance of user activity—from fiat deposits, trading transactions and crypto withdrawal deposits—against fraudulent transactions on CoinDCX’s platform.

The announcement is part of CoinDCX’s compliance with the Financial Action Task Force’s (FATF) recommendations and the crypto exchange’s existing AML/CFT analytics will be integrated into the Solidus Labs market integrity hub.

Asaf Meir, Co-Founder and CEO at Solidus Labs, commented: “With the crypto industry seeing rising incidences of crime and malicious activity, it is critical for digital asset companies to ramp up their crypto-native trade surveillance and risk monitoring capabilities.

“We are proud to join forces with a crypto powerhouse such as CoinDCX and make inroads into the Indian market, ensuring the utmost standards of market integrity and investor protection available in crypto, without compromising growth.”

CoinDCX has recently raised funding in a Series C round led by former Facebook co-founder Eduardo Saverin’s B Capital which turned it into the first crypto unicorn in India. The firm is backed by a number of investors, i ncluding Polychain Capital, Temasek, Bain Capital Ventures, and HDR Group, operator of BitMEX.

The exchange boasts over 10 million users on CoinDCX’s platform and provides instant fiat to crypto conversions with zero fees. CoinDCX is ISO Certified and completely KYC/AML Compliant.

With safety and security as its top priority. CoinDCX has partnered with Bitgo, the most trusted crypto custodian in the world, to ensure users’ crypto funds are completely safe and insured on the Go app. In addition, CoinDCX has also partnered with Onfido to protect users against user identification fraud.

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