XREX, the USD-crypto exchange, has recently fortified its compliance strategy to ensure increased security and transparency for users’ on-chain digital asset transactions. This move comes as they integrate cutting-edge transaction monitoring and investigative solutions from Chainalysis, the prominent blockchain data platform.
According to Wayne Huang, the internationally-recognized cybersecurity expert and XREX co-founder and CEO, this progress is a testament to their commitment to becoming one of the safest and most compliant exchanges globally. By implementing Chainalysis’ advanced technologies, XREX aims to bolster its platform’s robustness and elevate security standards significantly.
As a fiat-crypto exchange operating globally with multiple licenses, registrations, and approvals, XREX places a high value on mutual trust and long-term relationships with all stakeholders. They employ internal risk control mechanisms and seek external support from credible service providers, such as Chainalysis, to assist businesses and individuals in navigating the crypto world securely.
XREX’s Compliance Boost with Chainalysis Integration
XREX’s Chief Information Security Officer and General Manager, Sun Huang, expressed that the integration of Chainalysis Reactor and Know Your Transaction (KYT) tools has notably increased efficiency in scanning wallets, detecting potential risks, and tracing fund flows for further investigation.
Chainalysis, founded in 2014, holds a prominent position as the first mover and largest player in the space. Their expertise lies in building the world’s most trusted blockchain knowledge graph, which maps hundreds of millions of on-chain addresses to real-world entities. This includes identifying illicit services like darknet markets, scams, and ransomware, as well as legitimate services like DeFi platforms, mining pools, and merchant services.
Joshua Foo, Regional Director, ASEAN & Central Asia at Chainalysis, emphasized the importance of building trust in the blockchain ecosystem to foster industry growth. He lauded XREX’s mission to become a safe, secure, and compliant exchange for its customers and expressed the company’s honor in supporting this goal.
By collaborating with global banking partners, XREX has established its presence in over 120 countries, facilitating USD deposits and withdrawals, and providing USD trading pairs for BTC, ETH, and other crypto transactions. The pillars of security and compliance underpin XREX’s smooth and reliable fiat and crypto services, with the integration of Chainalysis’ blockchain analysis and tracing tools being the latest measure to uphold their commitment.
