Tether Adds Chainalysis AML Compliance Tools To Track Suspicious Transactions
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Tether Adds Chainalysis AML Compliance Tools To Track Suspicious Transactions

February 12, 2020      Javeria

Stablecoin issuer, Tether and the blockchain forensics firm Chainalysis announced its partnership today. Tether will make use of Chainalysic anti-money laundering tools and would apply it’s Know your transactions tools for token issuers. According to the press release, this would allow the firm to track and quickly understand the risks associated with each token holder.

Presently, the stablecoin (USDT) issued by Tether Limited, is live on various blockchains, including that of ethereum, Omni, EOS, Tron and Algorand. The firm has also issued the tokens secured to XAUT (gold), EURT (euro) and CNHT, the offshore Chinese yuan.

The chief technology officer at Tether, Paolo Ardoino in a statement specified that this solution would allow the firm to bring secure compliance which will also encourage trust with users, law enforcement agencies as well as regulators. The following is achieved without any sharing of user’s data or identification as it is only kept on the Tether’s servers.

Chainalysis Earning Millions In Contracts With Federals

The blockchain analysis firm, Chainalysis was founded in 2014 and sich then it has rapidly expanded, now offering its services and products to financial institutions, exchanges, as well as government agencies over 40 countries in the world. Even last year, it earned $5million in contracts from the U.S. federal government dwarfing its competitors. 

The firm is now working with many federals including the Federal Bureau of investigation, ICE, DEA, SEC, CFTC, FinCEN, IRS, USSS, TSA and even the Department of the Air force. Most of them are offering Chainalysis six-figure deals except some who are spending more than others. For example, the biggest federal partner of Chainalysis, IRS, sent over $4.1 million in five-year according to the reports. On the second number is ICE with $2.6 million and on third is FBI with $2.4 million in total contracts.

Although, the FBI is planning to spend millions more on the firm by the next two years overtaking the title of most prolific Chainalysis partner from IRS and U.S. government.

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Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.