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XREX Group Ventures into RegTech with Anti-Fraud Wallet Query Tool XRAY

Taipei, June 26 – XREX Group, a blockchain-enabled financial institution, announced its official entry into the regulatory technology (RegTech) industry by launching XRAY, a blockchain wallet address query tool. The first phase releases include two free versions, the Standard and the Advanced, available via the XRAY LINE chatbot. Several prosecutors and law enforcement professionals in Taiwan have already tested XRAY before the announcement, using it to enhance the efficiency and accuracy of their investigation into fraud, money laundering, organized crime, sanctions, and hacking cases involving cryptocurrencies. 

As one of the first law enforcement officers to test XRAY, Chien-Lung Lin, Director of the High-Tech Crime Center at the Criminal Investigation Bureau under Taiwan’s National Police Agency stated, “XRAY can provide wallet information immediately, which is very helpful for initial assessments. If the wallet address belongs to a specific exchange, its name will also be displayed, benefiting the next steps in our investigation. Currently, the maximum query for each batch is 10 wallet addresses, and we look forward to XRAY offering large-scale batch queries in the near future.”

Everyone can register and use XRAY’s free Standard version by adding the XRAY chatbot on LINE after passing verification. By sending one wallet address or a batch of addresses to the chatbot, the chatbot will immediately respond and accurately identify if the particular wallet belongs to any domestic and international exchanges, as well as display the balance and types of crypto assets stored in it. The initial list of recognized Taiwanese exchanges on XRAY includes, but is not limited to: XREX, BitoPro, Maicoin, MAX, ACE, Hoya Bit, Rybit, and BITGIN. Global exchanges include Binance, OKX, Huobi, Bybit, Crypto.com, BingX, Bitfinex, Coinbase, and Kraken. Fill in the application form to request access to the XRAY Standard version.

The Advanced version of XRAY, which involves further criminal intelligence, is currently available only to law enforcement, regulatory agencies, government officials, and compliance officers in banks, electronic payment services, and exchanges. This version provides additional information on the risk level and risk attribution associated with the queried wallet address, such as scams, fraud, money laundering, organized crime, sanctions, and hacking. Fill in the application form to request access to the XRAY Advanced version.

XRAY helps law enforcement precisely retrieve data from exchanges and assists regulatory agencies in studying the behavioral patterns of fraud, money laundering, and illegal cryptocurrency activities across various exchanges. It also aids compliance officers in banks and exchanges assess the risk levels of specific cryptocurrency transactions.

“XRAY focuses on identifying Asia’s crime patterns, particularly fraud and money laundering, which are less emphasized in blockchain intelligence tools from Europe and the US. XRAY will fill this gap,” said Wayne Huang, XREX’s Co-founder and Group CEO. 

Since its establishment in 2018, XREX Group has successively launched the XREX crypto-fiat exchange, stablecoin payment platform XREX Pay, and the white-label exchange service. XRAY is the group’s fourth product line. Last month, XREX hinted at its commitment to RegTech innovation by announcing an investment from Tether, the world’s largest stablecoin issuer. The LINE chatbot is the first phase of XRAY’s release, with a web version and API integration planned for the second phase.

“XRAY leverages blockchain’s open and immutable nature to establish a regulatory technology infrastructure, which enables the reporting, alerting, and monitoring of illegal activities. This is our obligatory social responsibility. We invite like-minded members of the blockchain space from Taiwan and beyond, to be a part of our XRAY Community, and join us in our fight against global fraud,” said Sun Huang, XREX Chief Security Officer and General Manager.

XREX plans to collaborate with the Taiwan FinTech Association to integrate XRAY’s anti-fraud and anti-money laundering technology into the association’s Financial Crime Prevention Task Force. This initiative aims to establish a suitable real-time monitoring and joint defense mechanism for digital asset platforms, financial institutions, law enforcement, and regulatory agencies across Taiwan and Asia.

“Only by effectively eliminating the dark side of the cryptocurrency industry can we confidently embrace the bright side of blockchain technologies,” said Jaclyn Tsai, the Honorary Chairwoman of the Taiwan FinTech Association and Chief Advisor of the Taiwan Virtual Asset Service Provider (VASP) Association. “Preventing, intercepting, stopping, and punishing fraud and scams requires public-private collaboration across sectors. The launch of XRAY by XREX is an exemplary model of this approach.”

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About XREX Group

XREX Group is a blockchain-enabled financial institution working with banks, regulators, and users to redefine banking together. We provide services to businesses in or dealing with emerging markets, and novice-friendly financial services to individuals worldwide.

Founded in 2018, XREX offers a full suite of services such as digital asset custody, wallet, cross-border payment, fiat-crypto conversion, cryptocurrency exchange, asset management, and fiat currency on-off ramps.

Sharing the social responsibility of financial inclusion, XREX leverages blockchain technologies to further financial participation, access, and education.

XREX Singapore operates under the Major Payments Institution (MPI) license issued by the Monetary Authority of Singapore (MAS). XREX Taiwan completed its Compliance Statements on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) with Taiwan’s Financial Supervisory Commission (FSC) in March 2022 and is a regulated VASP.

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