EDX Markets, a pioneering crypto exchange backed by a consortium of major Wall Street firms, including Citadel, Fidelity, Schwab, Virtu, Sequoia, Paradigm and others announced on August 10, 2023 a partnership with Solidus Labs to improve transaction monitoring on the EDX platform. The collaboration aims to provide clients with seamless end-to-end transaction risk management capabilities that reflect key institutional best practices and maintain the highest compliance standards in the cryptocurrency industry.
EDX Markets is designed to meet the needs of both crypto-native companies and the world’s largest financial institutions, enabling safer, faster and more efficient trading and settlement of digital assets. Products listed for trading on EDX include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin cash (BCH).
EDX has selected the HALO platform from Solidus Labs, a leading center for crypto market integrity, as a central tool to manage and assess risk, prevent financial crime and comply with evolving regulatory requirements. Solidus Labs is known as the category determiner for crypto-native market integrity solutions, including trading supervision, transaction monitoring, and threat intelligence. Their mission is to enable secure crypto trading across all centralized and DeFi markets.
HALO currently monitors more than 250 million events and $16 trillion in on- and off-chain trading volume per day in more than 150 markets, protecting more than 25 million individual and institutional investors. EDX will leverage Solidus Labs’ machine learning-driven detection models and Universal Client Risk Profile capabilities to identify unusual or suspicious activity on its platform and coordinate the appropriate risk response.
Chris Tyrrell, Chief Compliance Officer of EDX, stated: “Solidus’ transaction monitoring solution is a powerful addition to EDX’s suite of compliance measures. We are focused on bringing the best of traditional finance to cryptocurrency markets and are committed to secure and compliant Trading As a leading provider of AML solutions for detecting money laundering and financial crime activities in crypto markets, Solidus will help us protect the integrity of our platform while complying with legal expectations and Wall Street best practices.”
Asaf Meir, Founder and Chief Executive of Solidus Labs, added: “We are proud to support EDX’s vision and meet the demand for a secure and compliant cryptocurrency market. Bridging traditional and digital finance through of crypto-native risk mitigation tools is core to our mission, and we look forward to partnering with EDX to continually raise standards for secure and integrity-based crypto trading.”
Leveraging Solidus Labs’ expertise in transaction monitoring, EDX aims to improve the security and integrity of its platform in line with the growing demand for compliance and risk management in the cryptocurrency space.
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