Chainalysis, the blockchain analysis company, announced the successful deployment of its compliance solution to Bittrex, the premier U.S.-based blockchain trading platform, across 10+ cryptocurrencies. Bittrex will use Chainalysis Know Your Transaction (KYT) to meet new and existing regulatory and compliance standards, and establish a safer, more secure platform for their users.
"As we focus on building out our products to accommodate more cryptocurrencies beyond Bitcoin, working with cryptocurrency exchanges that focus on offering a broad array of coins is mutually beneficial," said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. "Bittrex is dedicated to offering a breadth of cryptocurrencies to their customers and enforcing comprehensive compliance policies."
By leveraging Chainalysis KYT to monitor large volumes of cryptocurrency activity and identify high risk transactions on a continuous basis, cryptocurrency exchanges like Bittrex can quickly understand the risk profile of each of their users. Using real-time data with alerts and filters for level of risk exposure, businesses can identify transactions that require the most immediate attention.
Chainalysis's ability to provide real-time transaction monitoring solutions across the greatest number of cryptocurrencies available is vital to Bittrex's business. Bittrex's compliance team also participated in rigorous training by Chainalysis, which provided advanced techniques in risk management workflow.
"As our business continues to grow, having a thorough and reliable transaction monitoring system in place is crucial in demonstrating our commitment to compliance," said Bill Shihara, CEO, Bittrex. "Chainalysis KYT is an important tool in having an effective anti-money laundering program by helping us prevent, detect, and address unlawful behavior."
Earlier this year, Chainalysis expanded Chainalysis KYT, its anti-money laundering (AML) compliance solution, 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.
Chainalysis KYT automates the assessment of money laundering risk, helping cryptocurrency businesses and financial institutions meet regulatory requirements. Chainalysis KYT currently covers 25 cryptocurrencies, representing 85% of the top 100 by trading volume, and will continue to onboard additional cryptocurrencies in the coming months.