Security
Binance Partners With Chainalysis to Deal With the Money Laundering Problem
The Road Towards the Full Regulatory Compliance
According to the prnewswire.com portal, the leading provider of cryptocurrency compliance and investigation solutions, Chainalysis, has signed a partnership deal with the world’s biggest cryptocurrency exchange, Binance.
The partners declare that the collaboration aims to help address the challenges at the intersection of cryptocurrencies, regulators and traditional financial institutions.
Know Your Transactions (KYT)
Chainalysis’ has a fully developed compliance software, Chainalysis KYT (Know Your Transaction), which is, at the moment, the only real-time transaction monitoring solution for cryptocurrencies.
It is identifying and categorizing thousands of cryptocurrency services to raise live alerts on transactions involved in suspicious activity through software that uses pattern recognition, proprietary algorithms and millions of open source references.
Chainalysis KYT Helps Crypto Businesses to Reach the Compliance
According to their official website, Chainalysis offers cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity.
Their KYT covers three aspects of research:
Real-time transaction screening — Via the KYT API, monitor large volumes of activity and identify high-risk transactions on a continuous basis. Periodic reviews of the user base include the latest data.
Case management capabilities — Open and close case reviews per user and keep a record of decisions. Information can be exported and used in AML reporting.
Enhanced due diligence — At the individual user level, trace the flow of funds for a specific transaction via a direct link to Chainalysis Reactor.
Others Are Expected to Follow Binance’s Lead
“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions,” declared Jonathan Levin, Co-Founder, and COO of Chainalysis.
“By working with Chainalysis, we can continue building a foundational compliance program that enables the next phase of our growth,” stated Wei Zhou, CFO at Binance, who also revealed that their vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries Binance provides services in.
The Partnership of Leaders
Binance is already an established leader in the growing cryptocurrency business, and seeing them working towards the unreserved regulatory compliance is encouraging for any crypto enthusiast, investor, or day-trader.
As the Chainalysis is a unique solution in the crypto space, this collaboration can only raise the level of trust towards crypto assets and make a step further towards the mass adoption of cryptocurrencies.
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