Chainalysis Brings Privacy-Safe Compliance Solution to Cryptocurrency Exchange Bitfinex
NEW YORK, Dec. 12, 2019 /PRNewswire/ -- Chainalysis, the blockchain analysis company, completed a global roll-out of its anti-money laundering compliance solution with Bitfinex, the full-featured trading platform for major digital assets and cryptocurrencies, to detect and prevent money laundering and illicit activity across multiple cryptocurrencies. This comes at a time when establishing proper compliance procedures is more critical than ever, as jurisdictions around the world scrutinize the cryptocurrency industry.
"Bitfinex is known as a destination for cryptocurrency traders seeking liquidity across various cryptocurrencies, and that volume requires an automated blockchain analysis solution in order to comply with regulations across the world," said Jason Bonds, Chief Revenue Officer, Chainalysis. "We are thrilled to work with Bitfinex as we mutually invest in supporting multiple cryptocurrencies."
Earlier this year, Chainalysis expanded its coverage beyond Bitcoin and now covers 41 additional cryptocurrencies including Ether, Bitcoin Cash, Litecoin, and top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai.
By leveraging Chainalysis KYT (Know Your Transaction), cryptocurrency businesses such as Bitfinex can monitor large volumes of cryptocurrency activity and identify high risk transactions on a continuous basis. Real-time alerting on the riskiest activity coupled with enhanced due diligence llow compliance teams to focus on the most urgent activity, enforce compliance policies, and better allocate resources.
"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," said Peter Warrack, Chief Compliance Officer, Bitfinex. "The solution does not share information identifying users, which is kept strictly in-house. We are excited to work alongside the Chainalysis team to continue to build out a safe and robust platform for our users."
New regulatory requirements will continue to shape the ecosystem, and companies unwilling to put stringent compliance solutions in place now will quickly fall behind. Over the past year, Chainalysis rearchitected its platform to more easily support multiple blockchains ahead of global regulatory guidance.
SOURCE Chainalysis Inc.