Elliptic provides blockchain monitoring solution for LocalBitcoins

Blockchain data analysis company Elliptic announced that LocalBitcoins, a Bitcoin peer-to-peer trading platform, has adopted Elliptic’s blockchain monitoring solution to manage risks, that is, using Elliptic’s encrypted asset trading and wallet screening solutions. According to data analysis by Elliptic, the inflow of cryptocurrencies from dark web markets to peer-to-peer exchanges has fallen by more than 50% in the past year. LocalBitcoins has used Elliptic’s blockchain monitoring tool to prevent illegal transactions on its platform, and comply with regulations such as the EU’s fifth edition of the anti-money laundering directive (5AMLD) and Know Your Customer (KYC), and screen encryption through Elliptic Navigator Currency transactions, and Elliptic Lens screening wallet addresses, LocalBitcoins automates its compliance and anti-fraud processes to save costs and reduce risks.