France and Austria partners to fight crypto crime

France and Austria partners to fight crypto crime

  • Ali Raza
  • 26th February, 17:19
  • Crypto exchanges also willing to cooperate to fish out illegal crypto fraudsters.
  • The partners will work on the enigma platform and use AIT technology for the project.
  • Parties looking into the activities of cryptocurrency. They want to expand the general portfolio of the security.

Crypto-based money laundering has become an important issue among financial regulators, as many countries are now setting up rules to crack down on activities of crypto-based fraudsters. Now, France and Australia are collaborating to tackle crypto-based money-laundering issues.

The Australian Institute of Technology (AIT) and the French blockchain security firm NIGMA Conseil, has agreed to set up a technology that would fight against crime perpetrated using cryptocurrencies and blockchain technology. The two partners are using the AIT Graph sense technology and working in the e-NIGMA platform.

The two organizations plan to cover different startup niches such as CipherTrace, which already offers multiple exchange services to exchangers.

According to the chief executive of NIGMA Conseil, Fabien Tabarly, the possibility of blockchain transactions and connections are part of the stricter rules of YC, which also point out the tracking of coin origins. He said the platform will be ideal for any type of business that utilizes blockchain technology ion one way or the other.

.With the e-NIGMA technology, it will be easier to track wallet clusters and discover darknet usage. The platform would also crypto exchanges to track the origin of dubious funds and suspicious transactions.

With the introduction of blockchain security, AIT will expand its general portfolio of security and data services. Already, AIT has offered advice on physical layer security, video and camera analysis, systems engineering, and general cybersecurity.

EU plans to deal with illegal crypto usage

As part of the Titanium cybersecurity project, AIT is looking into darknet activities along with Interpol and other concerned organizations. When it comes to crypto-related crimes, the EU has been very vocal against its continued existence. It has issue stringent rules against unanimous use of the cryptocurrency, which several sanctions in place.

Crypto exchanges showing a willingness

The regulatory bodies know that crypto exchanges have an important role to play if the crypto community wants to get rid of fraudsters.

In response, crypto exchanges have shown genuine interest to track the usage of coin mixers and suspend suspicious accents. Some blockchain connections already belonging to mixers are traded by some cryptocurrency companies, including Binance.

European authorities are also cracking down on mixing businesses, as they closed Bestmixer and explored it for Bitcoin connections in the dark web. Also, the platform fulfills the AMLD5 requirements, which began this year. And there are lots of multiple fully transparent exchanges all over Europe. It also adds to their tools for governance and accountability.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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