Bitcoin appeals to many different people, including the nefarious ones that like the anonymity associated with digital currency. LexisNexis, the company that provides banks with anti-money laundering controls, is aiming to stop the bad guys in their tracks when using bitcoin for illegal activities and is teaming up with London startup Elliptic to do so.
LexisNexis reportedly said it is partnering with Elliptic to create the new service that brings bank-grade control to transactions made in bitcoin. The idea is that it will make the digital currency more appealing to those who want to conduct legitimate transactions and not only for drug traffickers who don’t want to be traced. LexisNexis uses a database of nearly 3 million global entities that could be involved in illicit transactions and shared it with Elliptic, which will monitor bitcoin transactions. It will alert clients, including bitcoin exchanges and