The new software, known as Chainalysis KYT (Know Your Transaction), covers Bitcoin, Bitcoin Cash, ETH, Litecoin, among the cryptocurrencies traded on Bittrex.
Bittrex’s adoption of Chainalysis KYT comes as governments and regulators around the world are increasing their oversight of crypto exchanges. In June 2019, the Financial Action Task Force (FATF) gave the exchanges of its 37 member countries 12 months to begin tracking complete customer details on every transaction handled, according to CoinDesk.
Chainalysis KYT has a built-in knowledge base of suspicious addresses such as dark net sites or child exploitation sites. The software flags the most likely criminal transactions, but a Bittrex-employed compliance analyst still needs to determine if the threat is valid and then file a suspicious activity report with regulators, the online publication adds.
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