LocalBitcoins, A P2P platform for buying and selling bitcoin, has strengthened measures to counter illegal financial activity by implementing software for tracking cryptocurrency transactions from Elliptic.
Elliptic co-founder Tom Robinson noted that their tool allows companies to save time and money. He added that the introduction of such mechanisms has led to a decrease in the popularity of P2P exchanges among criminals.
"Like other representatives of the cryptocurrency industry, P2P exchanges have made great strides in adapting to the new legal environment by implementing stricter and more technological control over money laundering. According to our data, this led to a 50% decrease in the flow of cryptocurrencies from illegal platforms," he said.
In September last year, LOCALBITCOINS tightened KYC/AML procedures to comply with Finnish law, in which jurisdiction the platform operates.
In June, the analytical company CipherTrace concluded that LocalBitcoins and Russian bitcoin exchanges are the key channels for legalizing illegally obtained income in cryptocurrencies. A month later, the Finnish company announced a 70% reduction in bitcoin darknet transactions.
