Bitcoin exchange Binance start to use the software from Chainalysis to combat the money laundering.
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The largest cryptocurrency exchange in terms of daily trading volume, Binance, used the software from blockchain startup Chainalysis called Chainalysis KYT [know your transaction] to monitor the transactions in real time and identify transactions related to criminal activity. This is stated in the joint press release.
Co-founder of Chainalysis Jonathan Levin expressed the opinion that other representatives of the cryptocurrency business will follow the example of Binance and will also implement the software solutions to ensure the legal compliance of their activities.
Thus, the use of software from Chainalysis can not only guarantee the compliance with KYC - and AML-norms, but also simplify the process of opening Bank accounts.
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About î Chainalysis KYT
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