Crypto exchange Binance partners with Chainalysis for compliance

Thursday 18 October 2018 13:44 CET | News

Binance, the biggest cryptocurrency exchange by trading volume, has teamed up with Chainalysis to implement a new global compliance solution.

The crypto compliance and investigation software provider will provide access to its “Know Your Transaction” compliance software, enabling the exchange to monitor cryptocurrency transactions in real-time. In particular, the tool will look for potentially criminal or otherwise illicit activity.

Chainalysis system works by using a combination of pattern recognition, proprietary algorithms and different open-source resources to process cryptocurrency services. If suspicious activity is detected during a transaction, the software will generate an alert.

The tool can also help cryptocurrency companies to ease the process of opening bank accounts, due to its compliance with relevant KYC and AML laws, according to the release.

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Keywords: Binance, cryptocurrency, crypto exchange, distributed ledger technology, partnership, AML, KYC, Chainalysis
Countries: World