TAIPEI, July 25, 2023 /PRNewswire/ — XREX USD-crypto exchange has strengthened its compliance strategy to deliver an extra layer of security and transparency for users’ on-chain digital asset transactions by integrating transaction monitoring and investigative solutions from Chainalysis, the blockchain data platform.
“We are delighted to share this progress on strengthening the robustness of XREX’s platform,” said Wayne Huang, internationally-recognized cybersecurity expert and XREX co-founder and CEO. “Chainalysis’ advanced technologies help us further strengthen our commitment of being one of the safest, and most compliant exchanges globally.”
As a compliant and secure fiat-crypto exchange operating globally under multiple licenses, registration, and approvals, XREX values mutual trust and long term relationships with all stakeholders. With internal risk control mechanisms and external support from credible service providers like Chainalysis, XREX helps both businesses and individuals to succeed in the crypto world and offers the best possible security to users’ digital assets.
“XREX has implemented Chainalysis Reactor and Know Your Transaction (KYT) tools, which significantly enhanced our efficiency in scanning wallets, detecting potential risks, and mapping out the fund flow for further investigations.” said Sun Huang, XREX Chief Information Security Officer and General Manager.
Founded in 2014 as first movers and the largest player in the space, Chainalysis built the world’s most trusted blockchain knowledge graph mapping hundreds of millions of on-chain addresses to real-world entities, including illicit services like darknet markets, scams, and ransomware, and legitimate services such as DeFi platforms, mining pools, and merchant services.
“Building trust in the blockchain ecosystem is imperative to the growth of the industry. This requires advanced blockchain analysis backed by high-quality, extensive, ground-truth data that can enable exchanges to meet compliance obligations while staying ahead of financial crimes, protecting customers, increasing consumer trust and maintaining brand reputation. We are honored to be supporting XREX on their mission to be a safe, secure and compliant exchange for customers,” said Joshua Foo, Regional Director, ASEAN & Central Asia, Chainalysis.
Collaborating with global banking partners, XREX supports USD deposits and withdrawals in over 120 countries and directly offers USD trading pairs for BTC, ETH, and other crypto transactions. Security and compliance are major pillars behind XREX’s smooth and reliable fiat and crypto services. Integrating Chainalysis’ blockchain analysis and tracing tools is just another step to fulfill this commitment.
About XREX
XREX is a blockchain-enabled financial institution working with banks, regulators, and users to redefine banking together. We provide enterprise-grade banking services to small to medium-sized businesses (SMBs) in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide.
Founded in 2018 and operating globally under multiple licenses, XREX offers a full suite of services such as digital asset custody, wallet, cross-border payment, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.
Sharing the social responsibility of financial inclusion, XREX leverages blockchain technologies to further financial participation, access, and education.
About Chainalysis
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, GIC, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
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SOURCE XREX Inc.
