text: Home/ Media Center / LocalBitcoins adopts Elliptic’s blockchain monitoring solutions to manage risk and support growth
  LocalBitcoins adopts Elliptic’s blockchain monitoring solutions to manage risk and support growth
  28 July, 2020
  Press Release
  LocalBitcoins make use of Elliptic’s cryptoasset transaction and wallet screening solutions
  Crypto flows from dark markets to peer-to-peer exchanges has dropped over 50% over the past year, according to Elliptic
  LONDON, 28th July, 2020: Elliptic, the global leader in cryptoasset risk management solutions, today announced a partnership with LocalBitcoins, the world’s leading peer-to-peer (P2P) bitcoin exchange.
  LocalBitcoins now uses Elliptic’s industry-leading suite of blockchain monitoring tools to prevent the illicit use of its platform and comply with regulations such as the EU’s 5th Money Laundering Directive (5AMLD) and know-your-customer (KYC) regulations. By integrating with Elliptic Navigator to screen crypto transactions, and Elliptic Lens to screen wallets, LocalBitcoins have now automated their compliance and anti-fraud processes to drive cost savings and reduce risk.
  “By choosing Elliptic, LocalBitcoins have demonstrated their commitment to eliminating illicit use of their platform,” said Tom Robinson, Elliptic’s co-founder and Chief Scientist. “Like the rest of the crypto industry, peer-to-peer crypto exchanges have made huge strides in adapting to the new regulatory environment by introducing more stringent, technology-enabled anti-money laundering controls. Our data shows this has led to a 50% reduction in the volume of cryptoassets moving from dark markets to peer-to-peer exchanges.”
  “We are pleased to be partnering with the global leader in blockchain monitoring”, said Sebastian Sonntag, CEO of LocalBitcoins. “Elliptic will enable us to achieve the highest levels of compliance while increasing operational efficiency and reducing costs. We will continue to invest heavily in AML and KYC to maintain a secure and trusted platform for our valued customers.”
  Elliptic has built a reputation as the go-to provider of crypto compliance solutions for enterprise crypto businesses and financial institutions and was recently recognized by the World Economic Forum as a Technology Pioneer for its work. Elliptic covers the broadest range of crypto-assets of any provider at 97% of all assets by trading volume. The recent addition of 87 further cryptoassets included privacy coins such as Zcash.
  ###
  Media Contact
  Meredith Odgers, Elliptic
  press@elliptic.co
  Jukka Blomberg, LocalBitcoins
  info@localbitcoins.com
  About Elliptic
  Elliptic is the global leader in crypto-asset risk management solutions for crypto businesses and financial institutions worldwide. Recognized as a WEF 2020 Technology Pioneer and backed by investors including Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co and follow us on LinkedIn and Twitter.
  About LocalBitcoins
  Founded in 2012, LocalBitcoins is the world's leading person-to-person bitcoin trading marketplace. Our mission is to promote financial inclusion by enabling people to buy, store, transfer, and sell bitcoin in an easy, fast, and secure way — globally.
  Related Articles
  Elliptic Announces Investment From J.P. Morgan to Accelerate Safer Participation in Crypto Markets
  May 26, 2022
  Press Release
  NEW YORK and LONDON, May 26, 2022 - Elliptic, a global leader in cryptoasset risk management, today announced J.P. Morgan as an additional investor as part of its recent $60 million Series C funding round led by Evolution Equity...
  Read More
  Elliptic Raises $60 Million To Accelerate Safe Adoption of Cryptoassets By Mainstream Financial Markets
  Oct 11, 2021
  Press Release
  NEW INVESTMENT TO EXPAND TEAM AND NETWORK ACROSS THE GLOBE AND SUPPORT ONGOING RESEARCH AND DEVELOPMENT NEW YORK and LONDON, October 11, 2021 --Elliptic, the global leader in cryptoasset risk management, announced today it has...
  Read More
  Elliptic Launches Next Generation of Blockchain Analytics with Introduction of Holistic Screening for Cross-Chain Compliance
  Aug 10, 2022
  Press Release
  Elliptic, the global leader in cryptoasset risk management, is launching the next generation of blockchain analytics - known as Holistic Screening - allowing cryptoassets to be efficiently traced across and between all...
  Read More
  Subscribe to Elliptic Connect
  Go
  London
  New York
  Singapore
  Tokyo
  Explore Elliptic Connect
  Solutions
  What We Do
  Crypto Wallet Screening
  Crypto Transaction Monitoring
  VASP Screening
  Crypto Investigations
  Holistic Screening
  Services
  Customer Success
  Professional Services
  Elliptic Learn
  Customers
  Who We Work With
  Our Customers
  Crypto Businesses
  Financial Institutions
  Regulators
  Law Enforcement
  Partners
  Partner Program
  Partner Program Application
  Our Partners
  Insight
  Elliptic Connect
  Webinars & Events
  Resources
  Company
  Our Story
  Meet the Team
  Life at Elliptic
  We Are Hiring!
  People of Elliptic
  Media Center
  Contact Us
  © Copyright Elliptic. Elliptic Enterprises Limited. Registered in England and Wales (number 8458210). VAT registration number 171021261.