- Reduced transaction monitoring time by 3x and detected more fraudulent accounts before the first transaction
- Reduced the overall percentage of fraudulent transactions month over month
- Reduced the size of the average scam transaction by $200 (between July and October 2021)
- Contributed to Easy Crypto’s scam prevention program, which saves customers an estimated $1 million annually
Even though the volume of transactions is increasing as we scale massively, our existing compliance team can effectively monitor transactions in a timely manner with Chainalysis.”
About Easy Crypto
Launched in 2017, Easy Crypto is New Zealand’s leading cryptocurrency retail platform offering customers a safe, secure and simple way to buy, sell and trade more than 150 cryptocurrencies including Bitcoin, Ethereum, Tron and many more. To date, the crypto retailer has since transacted over USD$1 billion in total sales and has expanded to Australia, South Africa and Brazil. Easy Crypto’s mission is to make crypto assets accessible and understandable for all, so everyone can get involved in the cryptocurrency market.
Challenge
As a crypto retailer that goes above and beyond what is required by regulators, Easy Crypto sought a blockchain solution that would help it not only meet AML/CFT requirements but also help protect its customers from fraud and scams. It wanted a solution that provided real-time, API-driven monitoring at the account level; intuitive and informative investigation tools; and depth of intelligence and connectivity into global intelligence databases.
Solution
Easy Crypto chose Chainalysis Reactor and Chainalysis Know Your Transaction (KYT) because the solutions best addressed its needs, most notably providing ongoing account-level monitoring and intelligence coverage. Using Chainalysis tools has enabled the retailer to satisfy banks and regulators, build strong relationships with the police, and help maintain a safe trading environment.
You have to be very reactive and on the ball with crypto. Chainalysis rules are very intuitive, and our ability to update those regularly is super powerful.”
Why did you replace your previous transaction monitoring platform with Chainalysis?
We have developed an in-house, specialized transaction monitoring system that incorporates inputs from a range of systems, including blockchain analytics. The blockchain analytics platform we used prior to Chainalysis wasn’t providing us with the level of intelligence we felt necessary to protect our customers. To address this concern, we assessed a variety of solutions in market.
Our key criteria were:
- Real-time, API-driven monitoring
- Intuitive and informative investigation tools
- Ongoing account-level monitoring (not just one-off transaction monitoring)
- Depth of intelligence and connectivity into global intelligence databases
Chainalysis best addressed our criteria, most notably the account-level monitoring and intelligence coverage. We were impressed that Chainalysis works with Interpol and ties into many respected global data sources.
How does Chainalysis help keep relationships with bankers and regulators strong?
We use Chainalysis data to create fraud reports that we send to banks, regulators and the police. It’s been incredibly helpful in raising awareness of what we are doing to address and stop fraud. We can visibly showcase to regulators and bank fraud teams exactly how we verify and investigate transactions to stay on top of fraud and compliance. We also include Chainalysis in our presentations to banks and other industry players, helping them understand more about crypto wallets, and tips and tricks for dealing with crypto.
