Merkle Science’s wallet monitoring feature will integrate into Sumsub’s Travel Rule solution, helping digital asset clients to better meet compliance requirements

SINGAPORE - 8 November 2023 – Sumsub, a global full-cycle verification platform, is partnering with Merkle Science, a predictive web3 risk and intelligence platform headquartered in Singapore, to strengthen its Travel Rule solution. Sumsub will integrate Merkle Science’s wallet monitoring feature into its Travel Rule solution to enhance transparency and help its digital asset clients accurately trace and identify the source of fund transfers with various Virtual Asset Service Providers (VASPs). 

Introduction

The Federal Deposit Insurance Corp. (FDIC) has added crypto to its annual report on risks facing U.S. banks, highlighting the "novel and complex risks" that digital assets pose to the banking system. The report is part of the FDIC's Risk Review, which provides a comprehensive summary of key developments and risks in the U.S. banking system. The FDIC has stated that it is prepared to engage in "robust supervisory discussions" with the depository institutions it oversees. 

In the ever-evolving landscape of cryptocurrency, regulatory compliance plays a vital role in ensuring transparency and preventing illicit activities. One such regulation that has garnered significant attention is the Travel Rule. 

In a stunning twist of events, a small crypto investment platform known as Fintoch or DFintoch mysteriously vanished into thin air along with $31.6 million of user funds. Promising investors a daily profit of 1% and claiming ties to the prestigious financial institution Morgan Stanley, DFintoch now appears to have been an elaborate scheme designed to steal people's hard-earned money.