XREX Inc, the Taipei-headquartered neo fintech, today announced it has implemented a full suite of risk management tools developed by TRM Labs, a blockchain intelligence provider, to further enhance the platform’s ability to detect and defend against fraud, scammers and suspicious activities.
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XREX is among the first blockchain firms in Asia to implement TRM Labs’ risk intelligence platform, with modules including Forensics, Know-Your-VASP (Virtual Assets Service Providers), Wallet Screening, and Transaction Monitoring. These tools allow XREX to undertake real-time cross-chain analysis on all the crypto transactions on the platform, giving XREX extra firepower to combat financial crimes, preempt fraud, and root out illicit actors.
Led by CEO Dr. Wayne Huang, an internationally recognized cybersecurity expert with over a decade of experience, XREX is one of the most tightly secured crypto-fiat platforms in the world. The company’s mission is to level the playing field by using blockchain technology and digital assets to resolve US dollar liquidity shortages faced by cross-border merchants, particularly in emerging markets.
The latest collaboration with TRM Labs reflects XREX’s long-standing commitment to creating a clean, safe, compliant, and trust-based collective financial system that empowers users to participate and contribute to the global economy.
“The integration of TRM tools as part of our fraud detection mechanism enables XREX to trace the entire source-to-destination flow of any cryptocurrency transactions on the platform without compromising the data privacy of our users,” said Huang. “Such wider and more in-depth visibility allows XREX to quickly identify questionable behaviors and take necessary actions.”
Currently, XREX supports Bitcoin (BTC), Ethereum (ETH), USDT, XRP, and BCH, which are among the hundreds of thousands of digital assets monitored by TRM Labs.
TRM Labs CEO Esteban Castaño said the collaboration with XREX underscores an increasingly proactive effort by many in the crypto ecosystem to implement best-in-class technologies and policies that promote trust and safety for users and collaboration with the regulatory community.
“At TRM Labs, our goal is to build a safer financial system for all. We do that by working with firms that share our vision, such as XREX, and enabling them to proactively manage risk and build best-in-class compliance programs,” said Castaño.
TRM’s proprietary technology provides automated alerts on high-risk activity and speeds the process of source and destination of funds tracing for investigators, which is key for compliance teams who need to stay on top of a large number of cases.
In addition to implementing leading risk management tools, XREX also works closely with banks, financial regulators, and compliance advocate groups such as Financial Action Task Force (FATF) Travel Rule Information Sharing Alliance TRISA.io, and Crypto Defenders Alliance (CDA) to uphold the highest globally-agreed standards and protocols.