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Canadian blockchain startup Blockchain Intelligence Group (BIG) has signed a client agreement with leading cryptocurrency exchange operator QUOINE, which marks BIG’s second client agreement with a major exchange.
QUOINE operates one of the largest crypto-fiat exchanges in the world with over $12B USD in annual transactions, and is fully regulated in Japan. In October 207, it partnered with Blockwave to bring blockchain fintech services to Canada.
BIG has developed “BitRank Verified”, a transaction risk-scoring service that enables RegTech, banks, ATMs, exchanges, and retailers to meet traditional regulatory/compliance requirements.
Under the agreement, QUOINE will leverage BitRank Verified technology to validate inbound and outbound funds and transactions by identifying whether they are associated with entities or exchanges connected with criminal elements. It also has the option, on an as-needed basis, to use BIG’s blockchain forensic investigation platform, QLUETM, and the custom investigation services of BIG’s Forensic Services Division.
“This is the second major exchange joining our list of clients, with Einstein Exchange being the first in Q2 2018. This partnership with QUOINE represents a new industry standard of safety for other organizations to follow in the financial space, where they can deal with cryptocurrencies in confidence, transparency and security as they meet compliance regulations and engage in AML,” said BIG CEO, Lance Morginn.
BIG's cryptocurrency risk-scoring service will enable QUOINE’s platforms, QUOINE and the QUOINEX, to reduce the exchange’s risk exposure related to cryptocurrencies; increase confidence in meeting regulatory compliance; increase security through Anti-Money Laundering (AML) efforts; deliver transparency regarding the legitimacy of transactions; create a deterrence against criminal elements that could engage in illicit activity; and, provide assurance to their customers that measures are in place to strongly curtail illicit transactions or reduce the amount of illicit funds that would have otherwise transacted.
“BIG was the natural choice for us. We already provided exceptional security measures, from extensive KYC (Know Your Customer) procedures to ensuring we only deal with legitimate individuals and organizations, and reviewing transactions on an on-going basis to prevent money laundering activities. Now we will offer even greater security with the help of BIG's risk-scoring service,” QUOINE's Co-Founder and CEO, Mike Kayamori, said.
