Elliptic Brings AML Compliance to the Zilliqa Blockchain

Elliptic Brings AML Compliance to the Zilliqa Blockchain 1

Blockchain monitoring startup Elliptic is providing anti-money laundering services to the Zilliqa blockchain and cryptocurrency.

The partnership, announced Wednesday, means the London-based Elliptic will monitor transactions passing through Zilliqa, including those in Zilliqa’s ZIL crypto and in the upcoming Singaporean dollar-pegged stablecoin XSGD, set for release in December, according to a press release.

Their goal: shield Zilliqa from risk by proving to governments and regulators around the world that Zilliqa users are not trafficking across their network with potentially illicit funds.

Tom Robinson, Elliptic’s chief scientist, told CoinDesk through a spokesperson that the company provides tools allowing exchanges and other companies to identify funds being laundered by tracking transactions.

“Our tools enable these services to identify whether funds are being laundered through their businesses, by tracing each crypto-asset transaction all the way through the blockchain, to its source,” he said. “If this source is one of the illicit wallets we have previously identified, the business is alerted and can take steps to prevent the money laundering from taking place.”

The announcement comes at a time of increasing pressure from such regulators. In June, the Financial Action Task Force unveiled its “Travel Rule” guidelines upping compliance steps for crypto exchanges. 

And though XSGD will be a Singaporean-pegged stablecoin, its launch coincides with governments’ close scrutinization of stablecoin regimes, including in the US. 

Elliptic already has experience routing out such activity. One of the early startups to provide crypto transaction tracking services, the firm issued a report last week tying $400 million in XRP to illicit activities like ponzi schemes.

“While the promise of the digital economy is a truly exciting one, it is also imperative that established standards around security and compliance remain uncompromised,” Amrit Kumar, president at Zilliqa, said in a statement.AML oversight adds another layer to the Zilliqa blockchain. In June it announced smart contract support.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,627 0.25 % 0.53 % 2.97 %
Ethereum1,920.4 0.26 % 3.30 % 0.27 %
Tether0.9999 0.08 % 0.04 % 0.03 %
BNB321.06 1.18 % 3.39 % 11.38 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4005 0.49 % 2.02 % 1.47 %
Binance USD0.9991 0.17 % 0.15 % 0.26 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana46.24 0.82 % 5.87 % 7.09 %
Dogecoin0.08151 0.17 % 2.81 % 2.95 %

Bitcoin (BTC) $ 29,638.00
Ethereum (ETH) $ 1,922.92
Tether (USDT) $ 1.00
BNB (BNB) $ 319.42
USD Coin (USDC) $ 1.00
XRP (XRP) $ 0.402928
Binance USD (BUSD) $ 0.999419
Cardano (ADA) $ 0.503565
Solana (SOL) $ 46.39
Dogecoin (DOGE) $ 0.081149