Bitcoin Exchanges are under increasing regulatory scrutiny. MatrixVision eases this pinch-point by helping exchanges integrate with the traditional banking system through ensuring compliance with relevant laws and regulations.
From a Bitcoin user perspective, this means that you’re able to fund your exchange account from your regular bank without worrying that a regulator will crack down and take your hard earned cash. Likewise, you’ll be able to receive funds into your bank account from the exchange without worry.
It’s a win-win: your bank doesn’t block the transfer – and the exchanges are able to keep their banking relationships.
This improves the whole Bitcoin ecosystem – and is an essential element for Bitcoin to ‘go mainstream’!
Bitcoin, like all financial instruments, is vulnerable to a small number of bad guys using it to launder money acquired from criminal activity. They attempt to hide their transactions in a series of layers that distance themselves from the criminal source of money.
We provide Bitcoin-specific tools and unique data forensics for exchanges to identify if a transaction may involve a criminal source of money. It is a risk-based approach that is a complementary part of exchanges’ AML (anti-money laundering) and CTF (counter-terrorism financing) processes.
Our approach satisfies regulators – which thereby allows banks to work with exchanges. Our services bridge the gap between regulators, banks and exchanges, without compromising privacy, allowing exchanges to achieve and maintain on-going regulatory approval, and ultimately enabling a mainstream Bitcoin economy for everyone.
All financial institutions use anti-money laundering (AML) procedures, such as know-your-customer (KYC) to help them identify suspicious people, companies and transactions. However, even with good AML/KYC procedures from an exchange, a legitimate person’s bitcoin may have unknowingly come from prior illegal activity – their sale onto the exchange would effectively mean laundered money going back into the banking system.
It is this that concerns regulators and banks.
Our service analyzes the public record of all bitcoin transactions (the Blockchain). But we don’t just follow the Bitcoin transaction trail, we combine it with off-blockchain data and apply data forensics to identify connections with illegally sourced money and other suspicious transactions.
Identifying these connections is one thing, but exchanges and regulators also need to understand the connections. We provide vivid colour visualisations of our analytics that are easy-to-read and meaningfully visualise large volumes of data. And we don’t just present our analytics in a compelling way – we offer whole categories of information that others cannot offer.
We will never sell your data. We will use your information only to provide a compliance service to help detect money laundering and suspicious transactions, and that service does NOT reveal amounts of transactions, who you transact with, what your annual turnover is or any confidential information.
The only output of our compliance service indicates correlation or no correlation with money laundering or other suspicious activity by red/amber/green traffic light, and detail code as shown here.
We won’t use your data for any other service or purpose. What this means is that the service won’t use your data for marketing, advertising, assessing customers, competitors, or market research for example.