- GRVT partners with ComplyCube to enhance compliance.
- ComplyCube does fast, scalable onboarding at scale.
- Deepfake attacks threaten exchange compliance.
Crypto exchanges are increasingly facing compliance challenges. While regulators are increasing pressure, bad actors use increasingly sophisticated methods to circumvent compliance checks. However, technology is stepping in to solve the gap.
Most recently, GRVT, a hybrid derivatives exchange, partnered with ComplyCube to ensure compliance while securely onboarding millions of users.
GRVT Integrates User-Friendly Solution for Compliance
Crypto exchanges have been leveraging tech solutions to streamline compliance. On Wednesday, October 2, the hybrid derivatives exchange GRVT partnered with ComplyCube. The goal is to boost GRVT’s Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance.
ComplyCube’s technology offers real-time identity verification with minimal delays and at scale. For GRVT, this unlocks the potential to register millions of customers seamlessly ahead of the exchange’s launch. In this way, the firm ensures compliance without compromising on user experience.
Hong Yea, co-founder and CEO at GRVT, emphasized the importance of AML and KYC for building trust in crypto. “In a rapidly evolving market, upholding high standards of compliance is vital to ensuring the security and integrity of our platform.”
Crypto Firms Pressured by Deepfakes: ComplyCube
Crypto exchanges are constantly under regulatory pressure to comply with strict AML and KYC laws. At the same time, bad actors increasingly use sophisticated methods to circumvent restrictions. According to recent projections, deep fake attacks on crypto exchanges are set to increase 245% in 2024.
Deepfakes and other types of attacks put crypto exchange compliance at risk. Namely, by circumventing KYC, bad actors can use exchanges to cash out illicit gains. This makes it harder to block their accounts and recover stolen assets.
Notably, the crypto industry lost $100M to hacks in September alone. What is worse, many of these hackers go through exchanges to cash out, harming the entire crypto industry’s reputation.
On the Flipside
- GRVT launched its open Beta in early August. The exchange is ZKsync’s first official Validium ZK Chain and has so far attracted a waitlist of 2.5 million.
- Crypto-adjacent firms have been increasingly under fire for AML violations. In September, the crypto-friendly United Texas Bank got a cease-and-desist order from the Federal Reserve.
Why This Matters
With compliance increasingly in focus, GRVT’s partnership with ComplyCube sets the platform up for a more secure launch. This approach aims to reduce compliance risks while not sacrificing user experience.
Read more about GRVT’s upcoming launch:
ZKsync-Powered GRVT’s Highly Anticipated Open Beta Goes Live Today
Read more about upcoming investment opportunities:
Gems Launchpad Adds Two Cutting-Edge Projects: Leia Games and Olympus AI
