How CryptoProcessing.com provides secure cryptocurrency services for business

It’s no secret that processing crypto comes with a number of merchant-side benefits. For instance, lower transaction costs, fast settlements, access to new markets, and increased privacy – these are all well documented.

However, the security factor is often overlooked due to its technicalities. Indeed, Cryptocurrency transactions are intensely secure and can’t be tampered with due to their decentralised nature and cryptographic security, reducing the likelihood of fraud.

Remember, payments made in crypto cannot be reversed after they have been processed. This in comparison, is different from credit card payments, which can be reversed using chargebacks, a procedure often used fraudulently.

Today, in this CryptoProcessing.com review, we’ll show how they ensure their clients’ security. After all, with 9 years in the market, zero instances of client fund loss is somewhat of a legendary accolade. So, let’s ask the question –howdoesCryptoProcessing.comensure best-in-class security?

Data Encryption

Let’s start with data encryption, which can be used to protect sensitive information from being intercepted or accessed by unauthorised parties. It involves encoding data so that only authorised parties can access it. Without the decryption key, encrypted data appears as a random string of characters, which prevents unauthorised individuals from making sense of the data even if they manage to intercept it.

CryptoProcessing.com utilises asymmetric encryption to secure the data of its customers, specifically the RSA (Rivest-Shamir-Adleman) method, where one public key is used to encrypt data, while a separate private key is used to decrypt it. This method is more secure than symmetric encryption methods as the private key never needs to be shared or transmitted.

Regulatory Compliance

The regulatory landscape surrounding crypto is fierce and constantly in flux and some jurisdictions now require cryptocurrency businesses to obtain a licence, authorisation or register with a regulatory body. For example, in the United States, cryptocurrency exchanges need to register with the Financial Crimes Enforcement Network (FinCEN) and in many states to obtain a BitLicense.

In jurisdictions with strong data protection laws (such as the EU with its General Data Protection Regulation, also known as GDPR), crypto businesses must comply with requirements on the collection, storage, and sharing of personal data.

CryptoProcessing.com makes sure to minimise the data it holds by limiting the impact in the case of a breach with strict data-retention policies. Moreover, there is a dedicated Data Protection Officer in place at the company responsible for ensuring compliance with adequate incident response plans. Customers are always aware of such data-handling policies at the company through transparent privacy agreements.

There’s also consumer protection to think about. Some jurisdictions have regulations to protect consumers in the event of fraud, bankruptcy, or other adverse events. This might involve requirements for businesses to hold a certain amount of capital or to keep customer funds separate from company funds.

CryptoProcessing.com is licensed in Estonia which is home to quite strict and very comprehensive frameworks covering the cryptocurrency industry in the world. Moreover, the goal of the Estonian AML Act is to mitigate the risks of money laundering and terrorist financing as efficiently as possible. Indeed, by acquiring licensing in this region, CryptoProcessing.com is able to instil faith in its customer base when it comes to regulatory compliance.

And that’s not all – the company also observes requirements for regular auditing, having undergone several in total, notably passing penetration tests by 10Guards and Hacken with zero vulnerabilities detected.

KYC/AML measures

As an extension of classic regulatory requirements, many jurisdictions require crypto businesses to implement AML (Anti-Money Laundering) and CTF (Counter-Terrorist Financing) procedures. This often involves Know Your Customer (KYC) and Know Your Business (KYB) checks, where businesses are required to verify the identities of their customers and monitor transactions for suspicious activity.

Of course, CryptoProcessing.com employs a specialist third-party service to manage this for them –Sumsub. This is how the makes sure its users do not hold positions on sanctions lists or adverse media sources.

When it comes to accepting payments, the also needs to act as a filter, making sure that funds are not a product of money laundering or terrorist financing. As such,CryptoProcessinguses reliable and well-known leading risk-scoring s to check every crypto payment. The databases of Crystal and ScoreChain have different algorithms for searching and determining the risk score and different coverage of tokens.

Conclusion

In the rapidly evolving world of cryptocurrencies, maintaining robust security measures and regulatory compliance is paramount for any crypto processing company. This CryptoProcessing.com review outlines how they exemplify this commitment to security and compliance, as demonstrated by their use of advanced data encryption methods, adherence to stringent data protection policies, and unwavering compliance with international regulations.

Their utilisation of asymmetric RSA encryption underscores their dedication to protecting customer data, while their stringent regulatory compliance – as evidenced by their licensing under Estonia’s comprehensive crypto regulations – instils confidence in their operations. In addition, their proactive measures, such as implementing robust KYC/AML checks via Sumsub, and utilising top-notch risk-scoring s, further fortify their defence against fraudulent activities.

With the rising adoption of cryptocurrency worldwide, the importance of stringent security measures and regulatory compliance cannot be overstated. CryptoProcessing.com’s continued success in these areas serves as an important blueprint for other players in the industry, illuminating the path to secure and trustworthy crypto processing in a digital age.