Goldman Sachs-Backed Circle Blockchain Startup and NICE Actimizes Partner for Crypto Crime Risk Control

Circle is interested in improving the quality of its trading services. In order to do so, the firm partnered with NICE Actimize, a New York-based provider of financial crime, risk and compliance solutions, to enhance the company’s exchange.

Circle Signs Partnership with NICE Actimize

NICE Actimize will provide market surveillance products for the Polniex exchange to distinguish suspicious patterns in real time and obtain law enforcement information. The information was released by Finance Magnates on February 27.

The firm works with “machine-led detection, decisioning and self-learning capabilities” that will allow the exchange to detect all the suspicious trading activity on its platform. This will clearly help Poloniex to offer a better service to users knowing that they are trading in a more compliant environment.

With the software developed by NICE Actimize, crypto-related firms and law enforcement agencies are able to detect suspicious activities and fight against criminal activities in the market. In order to do so, they work with pattern recognition, algorithms and also millions of open source references. If they find a suspicious transaction, they will be providing live alerts about these issues.

Robert Bench, Circle’s lead regulatory counsel and chief compliance officer commented:

“As a leading crypt finance company, it was important that we work with a leading financial crime solutions provider like NICE Actimize which provides industry-leading solutions for the rapidly changing financial crime, risk and compliance landscape.”

This is not the first time that there is a company in the crypto space implementing market surveillance tools to improve its services. Coinbase has acquired the surveillance company Neutrino a few weeks ago. Neutrino is a Milan-based startup that worked with several companies around the world.

Binance, which is the largest cryptocurrency exchange in terms of trading volume, has announced a partnership with two compliance companies. Chainalysis is currently providing forensic services to the company.

NICE Actimize has proven analytic capabilities and they use a protocol called Actone. This is an AI-enabled financial crime investigation management platform. With it, it is possible to generate alerts and help the platform detect these illegal activities.

Poloniex is currently one of the most popular crypto exchanges in the space. At the moment, it is the 71st largest crypto exchange in the market in terms of trading volume with $11 million transacted in the last 24 hours.

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