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Laxman Pai, Opalesque Asia: Paretone Capital, an OTC trading desk and hedge fund with over $2 billion in annual trading volume, announced its partnership with Silicon Valley-based blockchain intelligence provider AnChain.AI.
According to a joint press release, the companies formed the partnership to reinforce their cryptocurrency AML/KYC regulatory compliance and infrastructure, and bring greater security and transparency to the digital asset economy.
Paretone Capital Founder & CEO Vincent Wang said: "The AnChain.AI team has helped us enhance our AML and compliance programs, ensuring our blockchain assets and over $2B in annual OTC trading volume is secure and giving us greater peace of mind. It was a pleasure to work with AnChain.AI's team to create a more secure and transparent cryptocurrency world that everyone can safely enjoy."
Following its recent meteoric rise, the cryptocurrency industry has seen a proportionate emergence of new regulatory challenges, said the release. In 2020, over $10.5 Billion in cryptocurrency was stolen by illicit actors, with $8 Billion more circulating in the black market, mixer, tumbler, DeFi, DEX, NFT, and more.
The news release said that such rapid growth has spurred regulators to action, with government bodies like FinCEN and OFAC introducing new regulations in 2021, and cracking down on VASPs lacking adequate AML/CFT programs, even for transactions nearly a decade old. Just last month in February 2021, payment provider ...................... To view our full article Click here
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