Modulus’ crypto exchange enhancement to eliminate money laundering in P2P transfers

Modulus' crypto exchange enhancement to eliminate money laundering in P2P transfers

This morning, Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges, announced that it has released its new P2P Internal Transfers System, allowing traders to transfer funds to one another while actively cracking down on attempts at money laundering.

“This is the first of a handful of new systems and solutions that we’ll be rolling out of the next few weeks. We built these improvements with two goals: allow exchanges to give their traders greater freedom to utilize their assets as they see fit and bring trust back to cryptocurrency. This accomplishes both,” said Richard Gardner, CEO of Modulus.

Modulus’ new solution incorporates a patent-pending AML system to prevent money laundering while allowing traders to move their assets with fewer technical steps. The solution will be incorporated into Modulus’ white-label exchange solution, which allows exchanges to scale more than 10 million transactions per second with less than 40-nanosecond latency. Moreover, the solution also features machine learning trade surveillance which leverages trade data in monitoring and preventing illegalities within the market.

“Our developers are working on projects that make cryptocurrency safer and help get exchanges in line with future regulatory requirements — compliance issues that we’ve been tracking — all while giving their traders added value. There’s no question that digital assets will become more regulated as time goes on. We’ve been watching the watchers, and it is our job to ensure that our clients are always ahead of the regulatory curve. This new solution is something that we believe will ensure that our clients are more compliant than the industry as a whole. That becomes a strategic differentiator if you’re an exchange and you can show potential customers that you’re invested in securing their assets. Security matters, not just to regulators, but, also, to traders,” Gardner opined.

“Bad news makes better headlines than good news. In crypto, the news cycle is even more brutal because there are a number of powerful people actively rooting against the industry’s success. We’re working hard to make sure that our clients don’t end up on the naughty list. It isn’t enough, anymore, for an exchange to react to regulatory policy after it has happened. The best exchanges prepare for threats before they are even on the regulators’ radar. That’s where we come in,” noted Gardner.