Fighting FinCrime

Financial crime (FinCrime) is a scourge on our society and there are particular risks for the crypto & blockchain space in general, given its largely anonymous nature. Common types of FinCrime include:

  • Money laundering
  • Terrorist financing
  • Fraud
  • Cybercrime
  • Market abuse and insider dealing

As a leading community VC, Cryptopia is absolutely committed to playing our part in driving out FinCrime and not allowing it to taint the industry which we know has so much potential for good. We continue to take various measures in this endeavour, particularly in the area of anti-money laundering, as we know this can also be used to finance terrorism and other illegal activity.

Measure underway includes:

  • Establish & maintaining procedures that establish and verify the identity of our clients (including a strict KYC process)
  • Adopting a risk-based approach to monitor financial activities and maintaining systems to identify risk in relation to persons, countries, and activities, which include checks against all applicable sanctions lists
  • Maintaining record-keeping procedures
  • Establishing internal reporting procedures
  • Adopting appropriate internal controls and ongoing monitoring procedures
  • Making staff aware of, and providing training on, the various policies, procedures, and internal controls

Not only do we wish to play our part, but we aspire to blaze trails in fighting FinCrime. Part of this endeavour is our partnership with Presail — our trusted community fundraising platform, who are leading the way in the area of crypto & blockchain compliance, particularly anti-money laundering. Compliance is at the heart of Presail’s business because transparency and accountability are core functionality features of its services.

In addition to being a fundraising, token-vesting, and distribution management platform, Presail is also a compliance guardian. They help protect their customers by assessing risks and threats and ensuring compliance with relevant laws and regulations. Compliance is a built-in feature on Presail’s platform. This means that they have preliminary checks and continuous monitoring, ensuring that their customers comply with the rapidly changing regulatory landscape of Web3.


Presail partners with the leading screening providers, Persona and Elliptic. They use Persona for KYB and KYC screenings and Elliptic for their KYT screenings. KYB stands for know-your-business, and KYC stands for know-your-customer. These are due diligence processes conducted before engaging in business. The KYB and KYC processes are in place to ensure that business partners and customers do not pose an unacceptable level of risk, such as exposure to sanctions, money laundering, and financing of terrorism. Central elements of these processes include sanctions and watchlist screening, assessment of political exposure, and adverse media screening.


KYT stands for know-your-transaction and entails screening and monitoring wallets and transactions to assess exposure to various risks. In a KYT screening, a wide range of risk factors is explored, including but not limited to: exposure to sanctioned entities, links to fraud and extortion, and links to illicit or illegal activities.


Regulatory developments in Web3 are underway, and in the years ahead, new standards and requirements for how Web3 companies must operate will be defined. MiCA, the EU’s regulation for crypto assets, will provide the framework for what will become the governing law in the EU and is likely to be the comprehensive foundation on which future regulatory structures are based. It will impact every company or institution that wants to develop a crypto asset or Web3 project — including investment groups. This means that Web3 companies must be ready when that time comes by being proactive in the compliance space — not only in words but also through actions.

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