Gate.io taps Coinfirm for AML/CFT compliance amid licenses in the US, Europe, Hong Kong
“At Gate.io, we continuously strive to mitigate AML/CFT and counterparty risks by integrating best-in-class security measures and safeguards into every part of our operations.”
Digital asset trading platform Gate.io has selected Coinfirm as one of its key AML/CFT partners.
Gate.io will gain access to Coinfirm Analytics Platform, which offers real-time AML/CFT risk management solutions for digital assets and cryptocurrencies through knowledge of over 60 blockchains and 1 million+ tokens.
The crypto trading platform will be able to leverage Coinfirm’s analytics tools to provide a secure environment to its customers and ensure compliance with applicable AML/CFT regulations worldwide.
Ensuring compliance with global and local AML/CFT regulations
Lin Han, CEO & Founder at Gate.io, said: “At Gate.io, we continuously strive to mitigate AML/CFT and counterparty risks by integrating best-in-class security measures and safeguards into every part of our operations. Our collaboration with Coinfirm gives us a solid foundation to strengthen our service offerings further while ensuring compliance with global and local AML/CFT regulations.”
Mircea Mihaescu, CEO at Coinfirm, said: “We’re very pleased that Gate.io chose our platform as their primary AML/CFT provider globally. We have invested significant resources into building our blockchain analytics capabilities and are confident that this partnership will benefit both parties in many ways.”
The partnerhsip is expected to provide a much higher level of security for digital asset exchanges worldwide by helping them proactively identify suspicious activity more quickly and accurately than ever before.
Gate.io expects greater consistency in its AML/CFT compliance and risk management, allowing it to more easily navigate complex local regulatory environments without sacrificing customer experience or increasing operational costs for customers who want to use its services internationally.
Gate.io obtained licenses in the US, EU, and Hong Kong
The partnership with compliance specialist Coinfirm comes as Gate.io expands into the United States, with its US-based arm, Gate US, being granted a license to offer virtual asset services in the United States.
Gate.io said it has secured regulatory approval to operate as a blockchain and digital asset infrastructure provider for retail and institutional clients in several US states.
The firm has also recently obtained authorisation to operate in Lithuania, which covers many business areas including crypto-asset trading, custodian service, digital asset wallet, and portfolio management. Obtaining this Lithuanian crypto licence is a significant milestone for Gate.io and facilitates its registration in other European countries, expanding its scope of service to reach more users worldwide.
Having completed its registration as a Virtual Assets Service Provider (VASP), the approval enables Gate.io to provide both cryptocurrency exchange and wallet services. It also puts the firm on a firmer regulatory footing while offering its crypto exchange, blockchain, DeFi platform and more in compliance with local anti-money laundering and counter-terrorist financing (AML/CFT) laws.
Among other benefits, Gate.io will be able to establish relationships with traditional financial institutions like banks, which enables its customers to convert their cryptocurrency to fiat money or vice versa on the platform.
As it is looking to expand globally, Gate.io had secured in August a license to offer crypto custodial services in Hong Kong. It also launched operations in Malta after its technology unit received the regulators’ nod as a virtual financial assets service provider, allowing it to operate an exchange and offer custodian services in the country.