Sumsub and Elliptic Team Up to Tackle Crypto Financial Crime

Sumsub integrates Elliptic’s blockchain analytics to enhance crypto wallet screenings and risk assessment capabilities for clients

LONDON, Nov. 26, 2024 /PRNewswire/ — Sumsub, a full-cycle verification platform, has announced its integration with Elliptic, the global leader in cryptoasset risk management. This partnership enhances Sumsub’s Crypto Transaction Monitoring and Travel Rule solutions, offering global clients enhanced capabilities to screen cryptocurrency wallets, detect fraud, and assess transaction risks.

Blockchain-related crime, including money laundering and fraud, continues to be a growing concern. According to Sumsub’s Identity Fraud Report 2024, crypto was among the top-5 industries with the highest fraud rates in 2024. Recently, the United States Federal Bureau of Investigation (FBI) created its own crypto token to take down criminals. In light of this, integrating Elliptic’s market-leading analytics into Sumsub’s platform enables firms to protect users, providing a comprehensive view of blockchain transactions to mitigate financial crime.

The integration allows clients, including firms in the blockchain, fintech, and payments sectors, to seamlessly connect existing Elliptic subscriptions to Sumsub’s system via the Bring Your Own Key (BYOK) model. This enables clients to use their own encryption keys to manage and secure their data, ensuring full control over sensitive information while using Sumsub’s compliance and monitoring services. Customers can connect their existing functionality from Elliptic’s platform with Sumsub’s, unifying their workflows around cryptocurrency wallet screenings on one dashboard. Now, Sumsub’s clients can ensure alignment with stringent regulatory requirements, with Elliptic providing the broadest coverage of cryptoassets and blockchains available on the market.

Key benefits of the integration include:

Automated workflows for screening crypto wallets and transactions
Real-time risk assessments powered by Elliptic’s extensive blockchain data
Deeper investigation capabilities, accessible directly through the Elliptic dashboard when required
Seamless integration for new and existing clients, eliminating the need for separate workflows or additional systems

“We’re excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making comprehensive and adaptive tools essential,” said James Smith, co-founder of Elliptic. “By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, we’re empowering businesses to proactively address risks, protect their users, and stay ahead of regulatory demands. This integration not only strengthens fraud detection but also fosters greater transparency and trust in the evolving crypto space, helping firms navigate a complex landscape with confidence.”

“This partnership marks a significant step forward for crypto transaction monitoring, as Elliptic is a renowned, leading player in the blockchain analytics space. By integrating its analytics, we can continue to push the boundaries in fighting against financial crime, with the largest global ecosystem of virtual asset service providers (VASPs),” said Ilya Brovin, Chief Growth Officer at Sumsub. “At Sumsub, we are committed to fostering trust in the crypto sector. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risks, and stay ahead of emerging threats in the sector.”

To learn more about Sumsub’s Transaction Monitoring and KYC/AML compliance offering for crypto, please visit https://sumsub.com/crypto/.

About Elliptic

Elliptic is the global leader in cryptoasset risk management for crypto businesses, governments, and financial institutions worldwide. Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist financing, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo.

About Sumsub

Sumsub is a full-cycle verification and ongoing monitoring platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

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