The premier U.S.-based blockchain trading platform has deployed Chainalysis‘ compliance solution across several cryptocurrencies in order to meet new and existing regulatory and compliance standards, and establish a safer, more secure platform for their users.
Bittrex will use Chainalysis Know Your Transaction (KYT) to monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis, which will indirectly provide insight to the risk profile of each of their users. Real-time data with alerts and filters for the level of risk exposure are features that help identify transactions that require the most immediate attention.
Jonathan Levin, Co-Founder and Chief Strategy Officer at Chainalysis, commented: “As we focus on building out our products to accommodate more cryptocurrencies beyond Bitcoin, working with crypto currency exchanges that focus on offering a broad array of coins is mutually beneficial.
Bittrex is dedicated to offering a breadth of cryptocurrencies to its customers and enforcing comprehensive compliance policies.”
The compliance team at Bittrex participated in rigorous training by Chainalysis, which provided advanced techniques in risk management workflow, in order to prepare for the deployment of KYT.
Bill Shihara, Chief Executive Officer at Bittrex, said: “As our business continues to grow, having a thorough and reliable transaction monitoring system in place is crucial in demonstrating our
commitment to compliance. Chainalysis KYT is an important tool in having an effective anti-money laundering program by helping us prevent, detect, and address unlawful behavior.”
The Chainalysis KYT expanded its anti-money laundering (AML) compliance solution earlier this year to cover the most popular cryptocurrencies, including Ether, Bitcoin Cash, Litecoin, top
stablecoins and ERC-20 tokens such as Tether, Maker, and Dai, with additional cryptocurrencies coming soon. The solution currently covers 25 cryptocurrencies, representing 85% of the top 100 by trading volume, and will continue to onboard additional cryptocurrencies in the coming months.
In August 2019, Chainalysis launched suspicious cryptocurrency transaction alerts through its real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions, KYT. Suspicious cryptocurrency transaction alerts can help cryptocurrency businesses and financial institutions keeping track of, investigate, or take action on risky transfers. Risk parameters are customizable based on their own policies. Since 2014, Chainalysis has secured over
$56 million from leading investors including Accel, Sozo, and MUFG.