Banco Santander has successfully completed a pilot with Elliptic, a blockchain-forensic company, in identifying suspicious activity on blockchain. According to an announcement, Elliptic's blockchain tools allowed Santander to understand the risks emerging from the cryptocurrency market by flagging and analyzing transactions between the bank’s customers and crypto exchanges.
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Elliptic Chief Executive, Simone Maini, says the pilot demonstrates Elliptic's commitment to "helping financial institutions" understand their exposure to cryptocurrencies.
"This successful exercise is clear evidence that working with Elliptic enables leading organizations to navigate the rapidly-evolving crypto ecosystem with confidence," Maini said.
Meanwhile, Tom Robinson, Elliptic's Co-Founder, says regulators have "successfully used existing laws" to penalize illicit activity as $2.5 billion in penalties have been imposed against the cryptocurrency market by US regulators.
According to Elliptic, the US Securities and Exchange Commission imposed a total of $1.69 billion in penalties, CFTC — $624 million, FinCEN — $183 million, and OFAC — $606,000. The company says the majority of the penalties were imposed over unregistered securities offerings ($1.38 billion), fraud ($928 million) and violations of anti-money laundering policies ($183 million).
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