Without Chainalysis, we would need more people and would feel very exposed. But the team feels assured that nothing is going to happen without them knowing.”
— Rodrigo Ikegaya, Product & Business Director and Chief Product Officer at Foxbit
Challenge
As a pioneering crypto exchange in Brazil, Foxbit prioritized regulatory compliance from the outset. However, with its expanding network and range of services, including crypto trading, payment solutions, and crypto-as-a-service offerings, the company faced a challenge. Its existing blockchain analytics solution had limited coverage, leaving gaps in transaction monitoring and compliance efforts. This posed a risk of compliance failures and reputational damage, threatening Foxbit’s ability to ensure safe crypto trading for its customers.
Solution
To overcome compliance challenges and enhance transaction monitoring, Foxbit implemented Chainalysis’s blockchain analytics platform. This solution provided comprehensive coverage across all relevant blockchains, enabling real-time validation of user wallets and identification of suspicious activity.
As a result, Foxbit achieved significant improvements in its compliance program. Manual analysis workload reduced by an estimated 30-40%, allowing the company to confidently run its compliance program without having to massively scale up the team size. This efficiency gain freed up time for strategic initiatives and product innovation. Moreover, the inclusion of Chainalysis into its compliance workflow and program has bolstered Foxbit’s credibility in the market, reassuring customers about the safety of its products and services. The company continues to lead Brazil’s crypto industry, demonstrating resilience and adaptability in the face of regulatory changes, supported by Chainalysis’s robust compliance support. Additionally, Foxbit’s participation in Brazil’s CBDC pilot project underscores its commitment to staying at the forefront of industry developments, with Chainalysis as a trusted compliance partner.
