Bittrex to Use Chainalysis Tool to Identify High-Risk Transactions

Cryptocurrency alternate Bittrex is incorporating Chainalysis know your transaction (KYT) software to identify high-risk transactions.

Compliance requirements

In a Sept. 26 press launch, Chainalysis Inc. introduced the deployment of its real-time transaction monitoring resolution to the Seattle-based blockchain buying and selling platform Bittrex.

In an try to fulfill “new and present regulatory and compliance requirements,” Bittrex integrated Chainalysis KYT, a software program resolution that screens excessive volumes of exercise within the crypto area and helps establish high-risk transactions. Bittrex CEO Invoice Shihara stated:

“As our enterprise continues to develop, having a radical and dependable transaction monitoring system in place is essential in demonstrating our dedication to compliance. […] Chainalysis KYT is a vital software in having an efficient anti-money laundering program by serving to us stop, detect, and handle illegal conduct.”

Cointelegraph reported in August that the blockchain analytics agency launched alerts for suspicious transactions throughout 15 main cryptocurrencies. At the moment Chainalysis KYT screens 25 cryptocurrencies and can proceed so as to add further cryptocurrencies within the close by future.

FATF to strengthen management over crypto exchanges

The information follows the June announcement by the Monetary Motion Activity Pressure’s (FATF), which stated that cryptocurrency exchanges should guarantee digital currencies aren’t utilized in cash laundering and associated crimes and must adjust to anti-money laundering and combating the financing of terrorism (CFT) procedures in the identical approach conventional establishments do.

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