- Enforce their compliance policies
- Satisfy local regulatory requirements
- Expand business with banks and high-net-worth individuals
- Monitor all transactions, even as volumes grow
We are compliant not only because we have to be, but also because we want to be. Chainalysis is integral in enabling that environment.”
Serving Up Crypto at a Bar
When Coinbar launched in 2019, the founders brought to life their unique idea of an Italian exchange with a network of physical points throughout Italy. Within innovative spaces throughout Rome that serve food and drink, anyone can exchange digital currencies while socializing. These bars have also been a proving ground for the exchange’s unique payment gateway designed for merchants. “They can see that we use the gateway to enable commerce within our bars,” explains Antonello Cugusi, CEO and founder.
Automating Screening at Scale
Having heard a lot about Chainalysis, they were sold once they saw our transaction monitoring and investigation capabilities. Coinbar monitors to check wallets and addresses associated with transactions, and investigates further to produce reports for high-net-worth individual clients, banks, and regulators. Integration between our solutions and Fireblocks means AML and transaction screening are automated, helping eliminate the potential human error associated with manual screening.
Just like KYC is a must, we believe Chainalysis will be the standard for every exchange.”
Satisfying Both User and Regulator Expectations
The key to successfully driving mainstream adoption is providing a safe trading environment that allays consumer and merchant fears while satisfying regulators and enabling fast, seamless transactions. In addition to providing assurance through a physical presence, Coinbar customized their KYC processes to be optimally compliant, only using third-party tools to check sanctions and political exposure. Plus, they registered with the OAM – the Italian Organismo Agenti e Mediatori’s special registry for Virtual Assets Service Providers (VASPs) – and implemented strict controls around AML to satisfy Italian regulators and banks.
Validating Their Compliance Approach
Chainalysis has made it easier to demonstrate the flow of cryptocurrency transactions with graphs and charts and, when necessary, dig deeper into transactions. Proving the robustness of their compliance frees Coinbar to provide services to more individuals and institutions. “Regulators know Chainalysis provides insight into transactions and enables us to work directly with them to eliminate red flags,” he says.
