The developers of the Bitfinex cryptocurrency exchange integrated a new solution from Chainalysis to track suspicious transactions on their site.
We're excited to announce that we're working with @bitfinex ! They'll be using Chainalysis KYT (Know Your Transaction) to detect and precent illicit activity like money laundering across multiple cryptocurrencies. Learn more here. https://t.co/xknLd5CiJy
— Chainalysis (@chainalysis) December 12, 2019
The press release states, Chainalysis KYT will help monitor huge amounts of data and find trading transactions potentially related to money laundering or any other illegal activity. This solution is able to track the transactions of 42 of the most popular and liquid cryptocurrencies.
“Chainalysis is a top-of-the-line, comprehensive and privacy-safe compliance solution aligned with what we were seeking to keep bad actors off of our platform, while protecting the privacy of our users,” – the company said.
This initiative was introduced with regard to the tightening of requirements (FATF) in relation to the cryptocurrency industry. FATF gave a year to implement the rules for regulating the industry.
Major players as Binance and Bittrex have already implemented a solution from Chainalysis.