Financial institution emphasizes regulatory compliance as a key to long-term growth in the cryptocurrency space
Roseville, CA — June 07, 2021—ComplyFit, the leader in money transmitter license maintenance tools, announced a new partnership with CoinZoom, a U.S.-based cryptocurrency exchange and leading fintech company, to evolve the latter’s regulatory compliance capabilities using its unique state money transmitter license maintenance tool. CoinZoom operates globally and in 49 States, and will use the ComplyFit software to streamline, organize, and execute its increasingly expensive, complex and onerous State level regulatory reporting and financial responsibilities in the United States as the company continues to rapidly scale.
Partnering with ComplyFit has made it seamless for us to follow compliance protocols, helping to ensure the security of our exchange.
Businesses invested in long-term growth and stability in the cryptocurrency industry are turning to nascent, innovative tools to manage compliance at scale. In this context, CoinZoom is leading by example in its partnership with ComplyFit; the tool enables the company to streamline state reporting, an often tedious and time-consuming manual enterprise, and sends a message to regulators that compliance is a strategic priority for the leading cryptocurrency company. CoinZoom is a forward-looking enterprise that understands the need for compliance to scale with the rest of the business.
“At CoinZoom, the security of our customers’ funds and meeting compliance requirements are our top priorities,” said CoinZoom CEO, Todd Crosland. “Partnering with ComplyFit has made it seamless for us to follow compliance protocols, helping to ensure the security of our exchange.”
“ComplyFit’s mission is to help cryptocurrency financial institutions meet their regulatory obligations more intuitively, and, importantly, efficiently,” said Annelise Strader, co-founder of ComplyFit. “Forward-looking institutions like CoinZoom understand the challenges of regulatory compliance at scale, and we’re pleased that ComplyFit can play a role as a leading solution to a complex problem.”
In addition to the formidable capital requirements, State reporting is often a highly-stressful and opaque process for financial institutions at scale. ComplyFit is a tool built by compliance veterans with a unique focus on cryptocurrency who understand the difficulties of this process all too well. The ComplyFit team has introduced a tool that fundamentally transforms the state reporting process, saving businesses time, money, and headaches.
For more information about ComplyFit or to schedule a demo of the platform, please visit https://complyfit.com/.
ComplyFit is a SaaS productivity tool that enables crypto and fintech companies to manage their state money transmitter licenses across each of the 50 states. Features include tools to manage quarterly reporting, annual renewals and reports, advanced change notice requirements, and miscellaneous required reports. The platform is updated regularly by compliance professionals with the assistance of machine learning technology keeping licensees on top of regulatory reporting changes in near real-time. ComplyFit saves licensees the tedious task of having to compile, update, and track this information manually. Founded in 2019, ComplyFit is based in Roseville, California.
CoinZoom, with customers in 190 countries, is the next generation digital asset exchange that uses the team’s vast experience in providing superb trade quality, customer-focused tools, and technology that help customers become successful traders. CoinZoom offers services in buying, selling, and spending Bitcoin, Ethereum, and over 28 top digital currencies. CoinZoom’s premier product is its CoinZoom Visa card, which allows customers the ability to instantly convert crypto to fiat and spend it at over 53M merchants globally. CoinZoom also offers global customers a premier Peer-to-Peer payments system called ZoomMe. CoinZoom customers can send fiat and crypto anywhere in the world, instantly for free. The team’s decades of experience in financial technology security are equally important in safeguarding customer funds and customers’ digital currency positions. CoinZoom is a U.S. registered Money Services Business with FinCEN in all 50 states and territories. CoinZoom is also a U.S. registered Money Transmitter, available for trading in 49 States. CoinZoom also has subsidiaries in Australia and Ireland. CoinZoom Australia PTY LTD is registered as a Digital Currency Exchange with AUSTRAC and CoinZoom Europe Limited, is registered in Ireland.