Bonanza Factory and VerifyVASP Collaborate on Crypto-Scam Prevention

We are pleased to announce that VerifyVASP has entered into a memorandum of understanding with Bonanza Factory to work collaboratively on crypto-scam prevention.

Bonanza Factory is a digital asset AML/CFT solution business that provides identity verification services between VASPs and financial institutions for fiat payment transparency, with an embedded risk mitigation module blocking identified suspicious transactions including crypto-scams.

VerifyVASP is an industry-leading Travel Rule solution provider for VASPs that is building an ecosystem for the compliant and responsible growth of the virtual assets industry in accordance with industry best practices, standards and regulatory requirements.

Through this partnership, Bonanza Factory and VerifyVASP will be able to leverage each other’s strengths, experience and expertise to co-create solutions that will better address AML/CFT risks currently faced by the industry.

Bonanza Factory CEO, Kim Young Seok, stated “Virtual assets, which are borderless in nature, are increasingly being used to facilitate scams, the proceeds of which are funding illicit and criminal activities. To prevent such crimes, we must collaborate in innovative ways to detect and disrupt these specific virtual asset transactions. This collaboration will enable Bonanza Factory’s robust crime detection capabilities to be applied to VerifyVASP’s Travel Rule platform.”

VerifyVASP CEO, ShihYun Chia added “This collaboration will strengthen VerifyVASP’s Travel Rule solution by incorporating innovative blockchain analytics functions, further improving pre-transaction checks for our alliance members beyond sanction screening to include wallet addresses associated with illicit activity not covered by sanctions lists.”

For more information on VerifyVASP, please contact corporate@verifyvasp.com.