Crypto Platforms FAQs
Crypto exchanges and wallet providers (VASPs) must:
- Perform KYC on all users
- Screen for sanctions and PEP exposure
- Monitor blockchain activity for unusual behaviour
- File STRs with local FIUs
- Conduct ongoing risk assessments and adjust controls accordingly
Tools include:
- ID verification (e.g. passport + selfie)
- IP tracking and transaction pattern analysis
- Blockchain wallet scoring based on exposure to darknet or mixers
Risk levels determine whether to apply Enhanced Due Diligence (EDD)
Crypto platforms use tools like:
- Digital ID verification (passport scans, biometric checks)
- IP address tracking and geolocation
- Blockchain analytics to assess wallet risk
- Email/phone verification and liveness detection
Anqa Compliance supports simplified onboarding workflows for crypto firms operating across borders.
Crypto is borderless, but compliance is not. Firms must screen wallets and identities against major sanctions lists and use blockchain analytics to flag risk.
Common requirements include:
- Know Your Customer (KYC) checks
- Customer risk rating and due diligence
- Sanctions and PEP screening
- Transaction monitoring and flagging of suspicious activity
- Recordkeeping and regulatory reporting
Some countries require crypto firms to register with the financial regulator or central bank.
Watch for:
- Mixing services or tumblers
- Rapid movement between wallets with no clear economic reason
- Use of privacy coins (e.g., Monero)
- Incoming funds from darknet or high-risk exchanges
- Multiple small deposits below reporting thresholds
Yes—if the platform facilitates custody, transfers, or wallet services, it may be classified as a VASP. Some regulators are cracking down on unlicensed P2P crypto operators, especially when used for remittances or cross-border payments.
The Travel Rule requires VASPs to share sender and receiver information for crypto transfers over a certain threshold (often around USD $1,000). While implementation varies, global pressure (e.g. from the FATF) is pushing regulators in Africa and Asia to enforce it—especially for exchanges with international exposure.
Yes. Blockchain is transparent by design. AML tools now use blockchain analytics to:
- Trace transaction histories
- Flag risky wallets
- Detect unusual patterns
- Link pseudonymous addresses to real-world identities
Anqa integrates with third-party analytics to make this easier for small and mid-sized crypto firms.
Depending on the jurisdiction:
- Unregistered crypto platforms may be banned or fined
- Executives can face criminal charges
- Exchanges can be cut off from payment providers or bank accounts
- Customer assets may be frozen
- Reputation damage can be immediate and global