{"id":26532,"date":"2020-07-28T11:56:17","date_gmt":"2020-07-28T08:56:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=26532"},"modified":"2025-08-26T14:56:39","modified_gmt":"2025-08-26T11:56:39","slug":"localbitcoins-adopts-elliptic-tools-to-monitor-bitcoin-transactions","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/localbitcoins-adopts-elliptic-tools-to-monitor-bitcoin-transactions\/","title":{"rendered":"LocalBitcoins adopts Elliptic tools to monitor bitcoin transactions"},"content":{"rendered":"<p>The peer-to-peer platform for buying and selling bitcoin LocalBitcoins has strengthened measures to counter illicit financial activity, adopting Elliptic&#8217;s software for tracking cryptocurrency transactions.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">We\u2019re pleased to announce today that <a href=\"https:\/\/twitter.com\/LocalBitcoins?ref_src=twsrc%5Etfw\">@LocalBitcoins<\/a>, the world\u2019s leading peer-to-peer (P2P) <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a> exchange, has adopted <a href=\"https:\/\/twitter.com\/elliptic?ref_src=twsrc%5Etfw\">@elliptic<\/a>\u2018s <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&#038;ref_src=twsrc%5Etfw\">#blockchain<\/a> monitoring solutions to manage risk and support growth!<\/p>\n<p>Read the release for all the details \ud83d\udc49 <a href=\"https:\/\/t.co\/Kyk5s4FNBA\">https:\/\/t.co\/Kyk5s4FNBA<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a><\/p>\n<p>\u2014 elliptic (@elliptic) <a href=\"https:\/\/twitter.com\/elliptic\/status\/1288007152943210497?ref_src=twsrc%5Etfw\">July 28, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The software developed by the analytics company automates the transaction verification process, eliminating the need for manual analysis. It is expected that the software will boost LocalBitcoins&#8217; compliance with the European Union&#8217;s Fifth Anti-Money Laundering Directive.<\/p>\n<p>Elliptic co-founder Tom Robinson noted that their tool helps companies save time and money. He added that the adoption of such mechanisms has led to a decline in the popularity of P2P exchangers among criminals.<\/p>\n<blockquote><p>\u201cLike other players in the cryptocurrency industry, P2P exchanges have made great strides in adapting to the new legal environment, implementing stricter and more technologically advanced anti-money-laundering controls. According to our data, this has led to a 50% reduction in the flow of cryptocurrencies from illicit platforms,\u201d he said.<\/p><\/blockquote>\n<p>In September of last year, LocalBitcoins tightened KYC\/AML procedures to comply with Finnish law, under which the platform operates.<\/p>\n<p>In June, analytics company CipherTrace concluded that LocalBitcoins and Russian bitcoin exchanges are key channels for laundering illicit proceeds in cryptocurrencies. A month later, the Finnish company said that darknet bitcoin transactions had fallen by 70%.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The peer-to-peer platform for buying and selling bitcoin LocalBitcoins has strengthened measures to counter illicit financial activity by implementing software for tracking cryptocurrency transactions from Elliptic.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1535,534,455],"class_list":["post-26532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-elliptic","tag-localbitcoins","tag-p2p"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=26532"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26532\/revisions"}],"predecessor-version":[{"id":26533,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26532\/revisions\/26533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=26532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=26532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=26532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}