TAIPEI, June 26, 2024 /PRNewswire/ — XREX Group, a blockchain-enabled monetary establishment, introduced its official entry into the regulatory know-how (RegTech) trade by launching XRAY, a blockchain pockets handle question instrument. The primary part releases embody two free variations, the Customary and the Superior, out there through the XRAY LINE chatbot. A number of prosecutors and legislation enforcement professionals in Taiwan have already examined XRAY earlier than the announcement, utilizing it to boost the effectivity and accuracy of their investigation into fraud, cash laundering, organized crime, sanctions, and hacking circumstances involving cryptocurrencies.

As one of many first legislation enforcement officers to check XRAY, Chien-Lung Lin, Director of the Excessive-Tech Crime Heart on the Prison Investigation Bureau beneath Taiwan’s Nationwide Police Company acknowledged, “XRAY can provide wallet information immediately, which is very helpful for initial assessments. If the wallet address belongs to a specific exchange, its name will also be displayed, benefiting the next steps in our investigation. Currently, the maximum query for each batch is 10 wallet addresses, and we look forward to XRAY offering large-scale batch queries in the near future.”

Everybody can register and use XRAY’s free Customary model by including the XRAY chatbot on LINE after passing verification. By sending one pockets handle or a batch of addresses to the chatbot, the chatbot will instantly reply and precisely determine if the actual pockets belongs to any home and worldwide exchanges, in addition to show the stability and forms of crypto belongings saved in it. The preliminary listing of acknowledged Taiwanese exchanges on XRAY contains, however isn’t restricted to: XREX, BitoPro, Maicoin, MAX, ACE, Hoya Bit, Rybit, and BITGIN. World exchanges embody Binance, OKX, Huobi, Bybit, Crypto.com, BingX, Bitfinex, Coinbase, and Kraken. Fill within the utility type to request entry to the XRAY Customary model.

The Superior model of XRAY, which entails additional legal intelligence, is presently out there solely to legislation enforcement, regulatory businesses, authorities officers, and compliance officers in banks, digital cost companies, and exchanges. This model supplies extra data on the chance stage and danger attribution related to the queried pockets handle, corresponding to scams, fraud, cash laundering, organized crime, sanctions, and hacking. Fill within the utility type to request entry to the XRAY Superior model.

XRAY helps legislation enforcement exactly retrieve information from exchanges and assists regulatory businesses in learning the behavioral patterns of fraud, cash laundering, and unlawful cryptocurrency actions throughout numerous exchanges. It additionally aids compliance officers in banks and exchanges assess the chance ranges of particular cryptocurrency transactions.

“XRAY focuses on identifying Asia’s crime patterns, particularly fraud and money laundering, which are less emphasized in blockchain intelligence tools from Europe and the US. XRAY will fill this gap,” mentioned Wayne Huang, XREX’s Co-founder and Group CEO.

Since its institution in 2018, XREX Group has successively launched the XREX crypto-fiat trade, stablecoin cost platform XREX Pay, and the white-label trade service. XRAY is the group’s fourth product line. Final month, XREX hinted at its dedication to RegTech innovation by asserting an funding from Tether, the world’s largest stablecoin issuer. The LINE chatbot is the primary part of XRAY’s launch, with an internet model and API integration deliberate for the second part.

“XRAY leverages blockchain’s open and immutable nature to establish a regulatory technology infrastructure, which enables the reporting, alerting, and monitoring of illegal activities. This is our obligatory social responsibility. We invite like-minded members of the blockchain space from Taiwan and beyond, to be a part of our XRAY Community, and join us in our fight against global fraud,” mentioned Solar Huang, XREX Chief Safety Officer and Common Supervisor.

XREX plans to collaborate with the Taiwan FinTech Affiliation to combine XRAY’s anti-fraud and anti-money laundering know-how into the affiliation’s Monetary Crime Prevention Activity Pressure. This initiative goals to ascertain an appropriate real-time monitoring and joint protection mechanism for digital asset platforms, monetary establishments, legislation enforcement, and regulatory businesses throughout Taiwan and Asia.

“Only by effectively eliminating the dark side of the cryptocurrency industry can we confidently embrace the bright side of blockchain technologies,” mentioned Jaclyn Tsai, the Honorary Chairwoman of the Taiwan FinTech Affiliation and Chief Advisor of the Taiwan Digital Asset Service Supplier (VASP) Affiliation. “Preventing, intercepting, stopping, and punishing fraud and scams requires public-private collaboration across sectors. The launch of XRAY by XREX is an exemplary model of this approach.”

About XREX Group
XREX Group is a blockchain-enabled monetary establishment working with banks, regulators, and customers to redefine banking collectively. We offer companies to companies in or coping with rising markets, and novice-friendly monetary companies to people worldwide.

Based in 2018, XREX affords a full suite of companies corresponding to digital asset custody, pockets, cross-border cost, fiat-crypto conversion, cryptocurrency trade, asset administration, and fiat foreign money on-off ramps.

Sharing the social duty of monetary inclusion, XREX leverages blockchain applied sciences to additional monetary participation, entry, and training.

XREX Singapore operates beneath the Main Funds Establishment (MPI) license issued by the Financial Authority of Singapore (MAS). XREX Taiwan accomplished its Compliance Statements on Anti-Cash Laundering (AML) and Countering the Financing of Terrorism (CFT) with Taiwan’s Monetary Supervisory Fee (FSC) in March 2022 and is a regulated VASP.

CONTACT: Yoyo Chih Wei Yu, [email protected]