YAX, a subsidiary of UP Fintech, has partnered with Solidus Labs to enhance compliance with Hong Kong SFC regulations using advanced crypto-native transaction monitoring via the HALO platform.
The partnership reflects increased efforts to align with regulatory expectations and enhance user security, impacting all assets on YAX’s platform like ETH and BTC, crucial for maintaining market integrity.
YAX Enhances Monitoring with Solidus Labs Partnership
YAX, a subsidiary of UP Fintech, has announced a partnership with Solidus Labs to enhance its transaction monitoring capabilities. This collaboration aims to align with Hong Kong’s SFC requirements for regulated virtual asset trading platforms. The focus is on strengthening regulatory compliance.
YAX, under the leadership of Compliance Director Hugo Wong, will utilize Solidus Labs’ AI-powered HALO platform. This platform provides sophisticated risk-based monitoring across both on-chain and off-chain domains, enhancing fraud detection capabilities.
Industry Experts Praise YAX’s Strategic Compliance Move
Solidus Labs, founded by former Goldman Sachs veterans, provides a cutting-edge platform for seamless behavioral detection. Industry experts view this as a proactive move towards integrating crypto-native solutions with traditional regulatory standards.
The collaboration between YAX and Solidus Labs is anticipated to strengthen its market position and improve user protection. By enhancing compliance, YAX will likely gain trust among stakeholders in the regulated digital asset ecosystem.
Hugo Wong, Compliance Director, YAX, “Ensuring YAX meets the Hong Kong SFC’s anti-money laundering and transaction monitoring standards is the cornerstone of our compliance framework. We selected Solidus Labs for their deep understanding of crypto market behaviors and the ability to detect risks in both on-chain and off-chain environments. Their behavioral monitoring system has the precision to identify complex fraud patterns and offers comprehensive protection for users in Hong Kong’s regulated digital asset ecosystem.”
Previous Solidus Partnerships Boost Market Confidence
Similar partnerships by Solidus Labs, such as with Laser Digital, have historically resulted in increased institutional confidence. These collaborations stress the importance of robust market surveillance and compliance mechanisms in the crypto sector.
Kanalcoin analysts expect the YAX and Solidus Labs partnership to boost YAX’s regulatory standing. Historical data indicates such integrations generally improve compliance outcomes, aligning with global AML/CTF standards.
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