Blockchain analysis firm, Chainalysis, is partnering with the world’s biggest exchange Binance, to combat money laundering through cryptocurrencies. The company has completed its global rollout of compliance solutions with Binance.
The software by Chainalysis, known as Chainalysis KYT (“Know Your Transaction”), is the only real-time transaction monitoring solution for cryptocurrencies. The software uses AI concepts such as Pattern matching combined with Open source references to raise live alerts on suspicion transactions.
“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users,” said Jonathan Levin, Co-Founder and COO of Chainalysis. “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.”
Wei Zhou, CFO at Binance added,
“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth.Our 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 we serve.”
In April 2018, Chainalysis secured a $16 million funding led by Benchmark to deploy Chainalysis KYT and expand its coverage of cryptocurrencies. The company currently serves 150 cryptocurrency businesses with their analytical solutions.
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