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Chainalysis, a leader in cryptocurrency compliance and investigation solutions, announced in a press release on Oct. 17 that it has completed the development of its compliance solution in collaboration with Binance. The useful insights extracted will help Chainalysis address the challenges at the intersection of cryptocurrencies, regulators, and traditional financial institutions.
<h2>Chainalysis Identifies Illicit Activities on Blockchain Transactions With Native KYC Practices</h2>
Chainalysis was able to raise $16 million last April in a Series A funding round, which was led by Benchmark, to build its native compliance software. Dubbed Chainalysis KYT (Know Your Transaction), the real-time monitoring solution utilizes advanced proprietary algorithms, pattern recognition, and millions of open-source references to raise live alerts once it traces suspicious activities on crypto transactions.

Speaking on the importance of the project, Jonathan Levin, co-founder, and COO of Chainalysis, stated:
<blockquote class="td_quote_box td_box_center">“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. 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.”</blockquote>
<h2>Compliance Procedures Become Easy for Blockchain Companies</h2>
Binance, the world’s largest cryptocurrency exchange by trade volume, is capable of processing 1.4 million orders per second. Its contribution has turned Chainalysis KYT into the best-in-class solution, which enables cryptocurrency businesses and financial institutions to comply with know-your-customer (KYC) and antimoney laundering (AML) regulations. Additionally, it provides companies supporting digital currencies with the necessary credibility to open bank accounts with ease.

Wei Zhou, CFO at Binance, was particularly excited about the partnership. He said:
<blockquote class="td_quote_box td_box_center">“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.”</blockquote>
Chainalysis is focused on building trust on blockchain-based projects. It has previously partnered with more than 150 of the industry’s leading companies, financial institution, and government agencies. In a dynamic and constantly changing environment, Chainalysis’ services aim to support law enforcement agencies, regulators, and businesses to fight fraud in the crypto sphere.

Binance and Chainalysis Team up to Fight Crypto Money Laundering was originally found on [blokt] - Blockchain, Bitcoin &amp; Cryptocurrency News.

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Author: Nick Tsakanikas

Binance and Chainalysis Team up to Fight Crypto Money Laundering

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Binance and Chainalysis Team up to Fight Crypto Money Laundering

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