Binance & Chainalysis Partner To Tackle Cryptocurrency Money Laundering

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  • Cryptocurrency compliance company Chainalysis has partnered with the world’s largest cryptocurrency exchange Binance to roll out its Know Your Transaction (KYT) software

 

  • According to the press release, the software uses pattern recognition, proprietary algorithms and millions of open source references to identify and categorize thousands of cryptocurrency services to raise live alerts on transactions involved in suspicious activity

 

  • “Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users,” said Jonathan Levin, Co-Founder and COO of Chainalysis. “We expect many to follow Binance’s lead to build world-class AML (Anti-Money Laundering) compliance programs to satisfy regulators globally and build trust with major financial institutions”

 

  • Wei Zhou, CFO at Binance commented, “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.”

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