Chainalysis, the blockchain analysis company, announced the successful deployment of its compliance solution to Bittrex. This news emerged on 26 September.
Jonathan Levin, Co-Founder, and Chief Strategy Officer, Chainalysis expressed –
“As we focus on building out our products to accommodate more cryptocurrencies beyond Bitcoin, working with cryptocurrency exchanges that focus on offering a broad array of coins is mutually beneficial,” said. “Bittrex is dedicated to offering a breadth of cryptocurrencies to their customers and enforcing comprehensive compliance policies.”
Chainalysis conveyed that Bittrex would use Chainalysis Know Your Transaction (KYT) to meet new or existing regulatory and compliance standards. This would be in a bid to establish a more secure platform for their users. Chainalysis further added that by leveraging Chainalysis KYT to monitor large volumes of cryptocurrency activity, exchanges like Bittrex can quickly understand the risk profile of each of their users.
Chainalysis sustained by adding that its ability to provide real-time transaction monitoring solutions across the greatest number of cryptocurrencies available was vital to Bittrex’s business. Chainalysis further noted that Bittrex’s compliance team participated in rigorous training by Chainalysis. Such an endeavor provided advanced techniques in risk management workflow.
Chainalysis maintained that earlier in the year, it had expanded KYT, its anti-money laundering (AML) compliance solution, to cover the most popular digital coins. Such cryptocurrencies included Ether, Bitcoin Cash, Litecoin, top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai. Chainalysis stated its commitment that additional cryptocurrencies would be coming soon.
Chainalysis shared the launch of illicit cryptocurrency transaction alerts in Chainalysis Know Your Transaction. Chainalysis Team conveyed that the KYT alerts were designed to help cryptocurrency businesses and financial institutions. The blockchain major noted that benefits include mitigating exposure to regulatory and reputational risks. Chainalysis Team expressed helping compliance teams focus on the most urgent activity and enforce compliance policies.
Blockchain intelligence firm Chainalysis announced in their report that it has collected 30 million U.S. dollars to open a research lab in London, marking its presence in the United Kingdom. The latest endeavor by Chainalysis labeled Series B has come a long way from their Series A, which was declared last year. The company highlighted that they support 85% of the top twenty coins by trading volume.