CoinDCX, India’s leading and most valued crypto company has partnered with Jocata, a leading B2B FinTech & RegTech platform provider for BFSI industry, to strengthen their Anti-Money Laundering (AML) processes and ensure regulatory compliance.
Jocata brings deep experience in enabling compliance for large public and private banks, payments and insurance companies in India and international markets. The partnership will enable CoinDCX to enhance its compliance framework and navigate the regulations on the horizon.
Jocata uses Artificial Intelligence based insights to detect suspicious activity in real time, reduce false positives, correctly identifying false negatives, and remain vigilant to risks. The shift to Jocata’s platform implies that the automated alternative will help CoinDCX to make faster and better decisions. CoinDCX will also leverage Jocata’s RegTech product suite to monitor and report suspicious transactions to the Financial Intelligence Unit (FIU-IND).
As a pioneer in the VDA space, CoinDCX has been on a journey to make VDAs accessible for the masses, underpinned by innovation, compliance, and education. CoinDCX was the first exchange to publish proof of reserves and promptly responded to the Registered Reporting Entity requirement, demonstrating its unwavering commitment to compliance and regulatory clarity.
Rohan Bhandari, Head of Compliance at CoinDCX, said, “As the industry undergoes continuous evolution, our commitment remains steadfast in fostering trust, transparency, and prioritizing education for stakeholders to enhance the safety and compliance of VDAs and Web3. We will continue adhering to AML norms and complying with relevant legal requirements. CoinDCX also remains committed to closely collaborating with authorities to identify and mitigate potential risks associated with the usage of VDAs in the future. Our ongoing efforts prioritize the security and compliance of our platform, enabling a safe and trustworthy environment for our valued users.”
Shailesh Deshpande, Director of Growth at Jocata said, “We have consistently worked with our partners to accelerate value creation in their business and provide them with world-class tools for FinTech & RegTech adoption. We are excited to collaborate with CoinDCX, one of the pioneers of the Crypto revolution and assist them build a responsible and safe Crypto environment.”
Jocata is addressing the unique compliance needs of VDAs by investing in their FCC platform and making it Web3 ready. Their highly configurable, modular, and flexible product architecture is aimed at bringing transparency to VDA transactions. Jocata’s AML Transaction Monitoring & Regulatory Reporting offering identifies suspicious activities at the customer level and offers key features such as rule builder, comprehensive rule library of 300+ scenarios defined using global & industry leading standards, and case scoring mechanism. Additionally, Jocata provides support for all AML regulatory reports that reporting entities must submit to the regulatory authorities.
CoinDCX is India’s leading crypto exchange with a mission to create a robust Web3 ecosystem for global customers from India. As a leading crypto exchange, it serves over 15 million users and has recently forayed into offering DeFi services through Okto wallet app for users worldwide. Built with user experience and security in mind, CoinDCX offers its users innovative products and features. The projects on the platform are listed only after appropriate due diligence through its 7M principles – a stringent evaluation framework. CoinDCX serves to strengthen innovation within the Web3 ecosystem through CoinDCX Ventures, enhance crypto education, and continues to be a leading player in India’s crypto industry, furthering crypto trading experience through safety and compliance on the CoinDCX app.
Recognized and awarded for its contribution to the Indian emerging tech space, CoinDCX is backed by investors such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures. CoinDCX is ISO Certified and KYC/AML compliant.