Evolve Markets

BIG Blockchain Intelligence Group to provide crypto exchange QUOINE with transaction risk-scoring

BIG Blockchain Intelligence Group Inc. (BIG), a developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has signed a client agreement with QUOINE, a digital asset and cryptocurrency exchange company, for the use of BIG’s transaction risk-scoring service: BitRank Verified. This is BIG’s second client agreement with a major cryptocurrency exchange, with the first being Canada’s Einstein Exchange.

QUOINE also has the option, on an as-needed basis, to use BIG’s blockchain forensic investigation platform, QLUE, and the custom investigation services of BIG’s Forensic Services Division.

QUOINE successfully launched one of the world’s largest cryptocurrency exchanges: QUOINEX and QRYPTOS. As one of the first fully compliant digital asset exchanges in the world, based on legal measures issued by Financial Services Agency (FSA) of Japan, the QUOINEX exchange is held to the highest levels of compliance standards globally, and processes over $12 billion USD in annual transactions. Built with security at its core, the exchange deploys a bank-grade security system to ensure its clients’ data and assets are safe. QUOINE’s client agreement with BIG will further enhance the exchange’s robust security measures and ability to perform forensic investigations into cryptocurrency transactions and illicit activities.

BIG’s cryptocurrency risk-scoring service will enable QUOINE and the QUOINEX exchange to:
  • reduce the exchange’s risk exposure related to cryptocurrencies;
  • increase confidence in meeting regulatory compliance;
  • increase security through Anti-Money Laundering (AML) efforts;
  • deliver transparency regarding the legitimacy of transactions;
  • create a deterrence against criminal elements that could engage in illicit activity; and,
  • provide assurance to their customers that measures are in place to strongly curtail illicit transactions or reduce the number of illicit funds that would have otherwise transacted.

Under the Agreement, BIG will be paid a fee on Bitcoin transactions processed through Quoine’s exchange platform that utilize BIG’s proprietary BitRank Verified service via API.

Any optional use of BIG’s blockchain forensic investigation platform, QLUE, would involve a monthly licensing fee, and any optional use of BIG’s Forensic Services Division would involve an hourly or package fee.

“We’re excited to add QUOINE to our list of clients. This is the second major exchange joining our list of clients, with Einstein Exchange being the first in Q2 2018. This partnership with QUOINE represents a new industry standard of safety for other organizations to follow in the financial space, where they can deal with cryptocurrencies in confidence, transparency, and security as they meet compliance regulations and engage in AML. With QUOINE’s focus on cryptocurrencies and making financial services accessible to all, it’s imperative their customers feel secure and confident in the transparency and validity of the transactions involved. We’re definitely looking forward to working with a team that’s as serious about security as we are at BIG.”

BIG CEO, Lance Morginn

“BIG was the natural choice for us. We already provided exceptional security measures, from extensive KYC (Know Your Customer) procedures to ensuring we only deal with legitimate individuals and organizations and reviewing transactions on an on-going basis to prevent money laundering activities. Now we will offer even greater security with the help of BIG’s risk-scoring service.”

QUOINE's Co-Founder and CEO, Mike Kayamori

QUOINE will leverage BIG’s BitRank Verified technology to validate inbound and outbound funds and transactions by identifying whether they are associated with entities or exchanges connected with criminal elements.

When BitRank Verified flags questionable or illegitimate transactions, QUOINE will have the option to use QLUE (Qualitative Law Enforcement Unified Edge) to perform due diligence and blockchain security investigations at greater forensic depth by exploring where the related funds are coming from and the security profiles of the entities involved.

When security issues are more significant or complex, QUOINE will have the option to use BIG’s in-house Forensic Services Division to provide the greatest level of insight and identification of the entities involved in the given transactions.

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