Customer Story

MoonPay streamlines risk management and unlocks new revenue with Chainalysis

The cost of compliance is high. Chainalysis enables us to have a risk-based program due to the efficiencies that the technology provides to the Compliance team.”

— Brian Higdon, FIU Director, MoonPay

 

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Challenge

As a global web3 infrastructure company, MoonPay looked to enhance its compliance operations. Using two compliance vendors in parallel led to conflicting outcomes and false positives for its compliance team. This complexity hindered efficient analysis and dispositioning of alerted activity, impacting productivity and creating opportunity for missed suspicious activity.

Solution

Since integrating the Chainalysis blockchain analytics platform, MoonPay has significantly reduced false positives, leading to increased revenue through fewer blocked transactions and customer offboarding. The efficiency of MoonPay’s transaction monitoring program has improved, with up to a 5x increase in productivity observed in some instances. The quality of investigations conducted by MoonPay’s compliance team has also been enhanced, facilitating the launch and monitoring of new products like the non-custodial crypto swap platform. The partnership with Chainalysis has also strengthened MoonPay’s collaboration with law enforcement and regulators, providing a shared understanding of suspicious activity. Overall, the Chainalysis solution has enabled MoonPay to streamline its risk management processes, unlock new revenue streams, and maintain a robust compliance program amidst regulatory changes.