A large crypto exchange requiring urgent compliant capture of Telegram communications reached out to Insightful Technology for help in meeting their regulatory requirements. The exchange produced approximately 1.5 million data objects from Telegram daily, requiring secure capture and storage.
The exchange had conducted business activity via Telegram but, with the changing regulatory landscape, found that it could not continue to do so without implementing a capture process.
Together with Insightful, the exchange was able to roll out PRESENCE, ensuring secure capture of millions of Telegram data objects across hundreds of recorded Telegram users, and ultimately secure their MiCA CASP license through proven and auditable communications compliance.
Key challenges
- Create, manage and link hundreds of Telegram accounts across the business.
- Managing large volumes of communications data across multiple 30,000+ user channels.
- Out-of-the-box integration into compliant archive and surveillance systems.
- Pressure from regulators to set up compliant capture on a tight deadline.
With most business development activities running through Telegram communications, the exchange was keen to allow their staff to continue using the platform whilst meeting all regulatory requirements.
Our solution
PRESENCE was implemented alongside a bespoke implementation of SOTERIA (chosen for its options to customise) as well as the development capture methods of unique communications systems used by the exchange. The solutions enabled:
- Collection and archiving of millions of daily Telegram actions, including messaging, edits, deletions and account updates
- Automatic processing of all collected messages into Insightful’s compliant vault system
- Translation of Telegram messages into the compliance team’s chosen language for surveillance and investigation purposes
- Oversight of Telegram usage, determining which areas of the business had the greatest need for additional accounts.
Results and business impact
- Business development teams were able to use corporate Telegram accounts to communicate with existing and new clients.
- Continuity of customer success services.
- Risk of regulatory fines reduced.
Outcome
Through implementing PRESENCE and SOTERIA, the exchange was able to secure its MiCA CASP license, proving compliance in all its business communications, as well as being able to securely capture and store terabytes of data on a monthly basis. Staff have been able to continue working on traditionally ‘off-channel’ apps while the compliance team has confidence in their systems and processes.
