FTX US deploys TRM Labs compliance and risk management tools

Rick Steves

TRM’s platform includes tools for crypto wallet screening, transaction monitoring, VASP due diligence, and investigative tracing.

FTX US has implemented a full suite of anti-financial crime compliance and risk management tools developed by TRM Labs.

The cryptocurrency exchange has integrated TRM’s Transaction Monitoring and Forensics tools to monitor transactions on the platform amid the rapid growth and expansion of the firm.

FTX US has recently acquired regulated futures exchange LedgerX and rebranded to FTX US Derivatives, which followed the launch of a non-fungible token (NFT) marketplace in October.

TRM Labs is a blockchain compliance specialist that helps monitor for indicators of financial crime risk and investigate suspicious activity through integrated case management.

Brett Harrison, President of FTX US, commented: “The integration of TRM Labs’ compliance tech stack was a clear decision to make and an essential move for our organization. Knowing that compliance is of the utmost importance, our approach to the business is to ensure our platform uses the most advanced risk management tools on the market, so that our users can trade with ease and peace of mind.”

“With the establishment of FTX US Derivatives and our entrance into regulated options and futures trading, it is imperative for our organization to deliver industry leading compliance tools for our user base. Our addition of TRM Labs demonstrates our commitment to using the most cutting edge technology available for this purpose.”

TRM’s risk intelligence platform is used by financial institutions, crypto businesses, law enforcement and regulatory agencies to monitor, detect and investigate financial crimes and fraud in the digital asset space.

The proprietary AML system ensures a complete and speedy analysis which is key for compliance teams who need to stay on top of a large number of cases.

Providing automated alerts on high-risk activity speeds the process of source and destination of funds tracing for investigators.

Esteban Castaño, CEO and co-founder of TRM Labs, commented: “Investing in the right compliance and risk management solutions can accelerate growth. Fast-growing companies like FTX US are choosing TRM because we deliver the comprehensive data, asset coverage, and cross-chain analytics they need to manage risk and unlock new opportunities.”

TRM’s platform includes tools for crypto wallet screening, transaction monitoring, VASP due diligence, and investigative tracing.

Last week, FTX US hired Mark Wetjen as Head of Policy and Regulatory Strategy to lead the company’s public affairs efforts.

Mark Wetjen is an expert in law, policy making, regulatory strategy and exchange operations, having held the position of CEO at MIAX Futures, where he focused on crypto-derivative products and strategic initiatives.

The former CFTC Commissioner was also a member of the board of directors of LedgerX, the first licensed crypto-native derivatives exchange in the U.S. which was recently acquired by FTX US and rebranded as FTX US Derivatives.

FTX US wants to become the market leading US cryptocurrency exchange by volume over the next two years. The venue has recently reported its average daily volume grew by 150 times year over year.

The ADV varied between $150 million and $993 million during the first half of the year when the crypto prices rose to new highs amidst a lot of volatility and then crashed, thus presenting the traders’ lots of buying opportunities and account liquidations.

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