LocalBitcoins Adds Elliptic Transaction Analysis Tools LocalBitcoins, a peer-to-peer bitcoin exchange, continues its compliance initiatives with the addition of Elliptic's transaction analysis tools.

LocalBitcoins Adds Elliptic's Transaction Analysis Tools

Peer-to-peer bitcoin exchange LocalBitcoins continues initiatives to ensure the legal compliance of its service with the addition of transaction analysis tools from Elliptic.

According to the press release, this will allow the Finland-based exchange to prevent illegal transactions and comply with the EU's Fifth Anti-Money Laundering Directive. Elliptic will help LocalBitcoins automate related procedures. According to Elliptic co-founder Tom Robinson, this way the exchange can save time and money by avoiding the need to manually verify user transactions..

Before LocalBitcoins was popular as platform for anonymous exchange of bitcoin, however, in the past year it tightened the requirements for customers. Elliptic said that the exchange continues to receive assets of criminal origin.

“The decrease in the inflow of assets from black markets to peer-to-peer exchanges has become an obvious consequence of their introduction of customer identification and anti-money laundering mechanisms. Now criminals will think twice before trying to withdraw money through a major peer-to-peer exchange, ”added Robinson..

By to him, Elliptic already works with several peer-to-peer crypto-exchanges, and is "actively negotiating" with others. He refused to clarify their names..

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