by Prosper
Prosper, a leading provider of crypto-to-fiat payments solutions, recently had the opportunity to work with Chainalysis, a blockchain intelligence platform that provides data and analytics to government agencies, exchanges, and financial institutions. This case study will highlight the collaboration between Prosper and Chainalysis and how it helped Prosper strengthen its compliance program.
Prosper offers a fast, secure, and cost-effective way for businesses to accept cryptocurrency payments and instantly convert them to fiat currency. As a financial services provider, Prosper is subject to various regulations and compliance requirements, including anti-money laundering (AML) and know-your-customer (KYC) regulations.
Chainalysis, on the other hand, is a blockchain intelligence platform that provides data and analytics to government agencies, exchanges, and financial institutions. Chainalysis helps these organizations understand the risks associated with cryptocurrency transactions and mitigate them by providing real-time monitoring and tracking tools.
Prosper approached Chainalysis to help them strengthen their compliance program and enhance their AML/KYC processes. Chainalysis worked closely with Prosper's compliance team to provide training and guidance on how to use their tools effectively. They also conducted an assessment of Prosper's existing compliance program and identified areas where improvements could be made.
Chainalysis helped Prosper in several ways:
Risk assessment: Chainalysis conducted a comprehensive risk assessment of Prosper's customer base to identify potential high-risk customers and transactions.
Enhanced due diligence: Chainalysis provided Prosper with a tool that enabled them to perform enhanced due diligence on high-risk customers. The tool allowed Prosper to collect additional information about the customer, such as their source of funds, and assess the risk of the transaction.
Real-time monitoring: Chainalysis provided Prosper with real-time monitoring of all transactions, enabling them to detect suspicious activity quickly.
Compliance reporting: Chainalysis provided Prosper with comprehensive compliance reports that could be used to demonstrate compliance with AML/KYC regulations.
Thanks to Chainalysis' assistance, Prosper was able to strengthen its compliance program significantly. Prosper's compliance team was better equipped to identify and mitigate risks associated with cryptocurrency transactions. The real-time monitoring tools provided by Chainalysis enabled Prosper to detect and report suspicious activity quickly, which helped them stay compliant with AML/KYC regulations.
Furthermore, Prosper was able to demonstrate to its customers and partners that it takes compliance seriously and has implemented best practices to mitigate risk effectively. This gave them a competitive advantage in the crypto-to-fiat payments market and helped them gain the trust of their customers.
Working with Chainalysis was a significant step forward for Prosper in strengthening its compliance program. Chainalysis' tools and expertise helped Prosper identify and mitigate risks associated with cryptocurrency transactions effectively. The collaboration also helped Prosper demonstrate its commitment to compliance to its customers and partners, giving it a competitive advantage in the market.
If your company is looking to strengthen its compliance program, working with Chainalysis could be an excellent option. Their tools and expertise can help you identify and mitigate risks associated with cryptocurrency transactions and stay compliant with AML/KYC regulations.
Discover the implications of Binance's recent rejection by the Dutch Central Bank and its impact on cryptocurrency trading in the Netherlands. Explore the changing landscape and find secure alternatives to continue your crypto journey with confidence.
by Prosper
As the world of digital currencies continues to grow, so does the need for secure and compliant payment solutions. At Prosper, we specialize in providing a crypto to fiat payment solution that ensures our clients are able to conduct transactions with ease and peace of mind.
by Prosper
Prosper is transforming the world of financial technology by delivering secure and reliable cryptocurrency trading and payment solutions. Its Exchange platform offers industry-low fees and convenience in transactions, while its Payment and Institutional services provide comprehensive, tailor-made solutions for both individuals and businesses." And here's a translation in Dutch
by Prosper
Frequently asked questions
Sign up for a Free Prosper account in less than 10 seconds. No passport verification needed:
Go to Create Account
Fill in the required information
Tap on Create account
Done, you now have an account
Deposit up to €250 and start trading immediately! Verify your identity to increase deposit and withdrawal limits.
Prosper's trading fees are the lowest in the industry. Create a Free account and start trading crypto for as little as 0.03%. There is no minimum volume commitment. The minimum order size is €10.
After creating an account you can verify your identity. This process is fairly simple and can be completed in less than a minute.
Go to Account
Tap on Identification
Tap on Verify identity
Follow the steps on screen
Done, in a few minutes your identity will be verified
During identity verification you’ll be asked to make a selfie photo and a photo of your identity document (e.g. passport).
Please note: that all submitted pictures must be of the actual physical document (e.g. passport). Taking pictures of a screenshot will be automatically rejected, requiring you to start over.
Payment and payout methods are considered the same. Currently we support iDeal and SEPA. We intend to add more payment methods in the coming months.
When you do a deposit, your payment method is automatically saved and connected to your account. To do a deposit follow the steps below:
Go to Create
Tap on Deposit
Tap on Fiat currency
Enter the amount you wish to deposit
Tap on your desired payment method and follow the selected steps below:
I’ve chosen iDeal
Select the bank you wish to use to deposit
Tap on Deposit with iDeal
Follow the steps in your banking app or website
Done, you will automatically be returned to Prosper after the payment
iDeal deposits have a maximum of €10.000 per transaction. The balance is reflected within 1-3 business days in your Prosper account after a successful payment.
I’ve chosen SEPA
Create a new SEPA payment in your banking app or website
Copy and paste the bank information
Copy and paste the payment description. Please note: without this your payment will be automatically returned to your bank account.
Verify the payment details
Transfer the amount as you would normally
SEPA deposits have a maximum of €50.000 per transaction. The balance is reflected in your Prosper account within 1-3 business days.
Prosper currently supports iDeal and SEPA. We intend to add more payment methods in the coming months.
iDeal
iDeal payments reflected within 1-3 business days in your Prosper account after a successful payment. There is a limit of €10.000 per transaction.
SEPA
SEPA payments are reflected in your Prosper account within 1-3 business days. There is a limit of €50.000 per transaction.
Bank payouts are performed with SEPA.
Typically it takes 1-3 business days for your withdrawal to be received on your bank account.
Please note that during weekends and bank holidays payments are not processed by the banks. You can create withdrawals, however they will be processed on the next business day.
We work with industry leading partners such as Chainalysis and Comply Advantage to detect fraud, money-laundering and terrorist financing.
We are registered and regulated by the Dutch Central Bank (DNB) as a cryptocurrency provider.
All our data is encrypted and stored on cloud-based systems.
You can change or cancel your account type from Standard to Pro at any time. To change your account follow the steps below:
Go to Account
Tap on Subscriptions
Tap on any of the subscriptions to change your subscription or downgrade it to free
Tap on Confirm to confirm your choice
Subscriptions are paid up front per 30 days. If you change your subscription before the end of your subscription period, you forfeit the remaining amount of your subscription fee.
