Blockbid Confirms Partnership With LexisNexis For Security Measures

Blockbid Security

According to crypto exchange Blockbid Medium account, LexisNexis offered a partnership with them to increase the exchanges security measures.

By partnering with LexisNexis and ThreatMetrix security technology firms, Blockbid is now considered to be one of the first trading platforms to willingly observe global anti-money laundering (AML) measures.

The solution “Trade with Confidence” intends to block crypto being used in cases of money laundering, terrorism financing, human trafficking, and other illegal activity. This is why fraud prevention and know your customer (KYC) measures must be implemented.

Melbourne-based exchange Blockbid’s newly adopted technology is mixed with physical and digital identity data, government-issued identifiers, addresses, and biometrics with device identification, geolocation, behavioral analysis, and threat intelligence, according to the blog post.

Senior vice president of US commercial markets and global market development at LexisNexis Risk Solutions, Thomas C. Brown, also declared that the “Trade with Confidence” system would increase public confidence by deploying the same regulatory tools as those used by major banks.

“Implementing similar controls that the biggest banks in the world use adds credibility to cryptocurrency exchanges from a regulator point of view and instills consumer confidence. Ultimately these safeguards provide a solid foundation on which Blockbid and other companies can grow, profitably.”

Related Cryptocurrency News