Chainalysis to Partner with Bitfinex to shape a privacy safe compliance solution

Chainalysis to Partner with Bitfinex to shape a privacy safe compliance solution
  • The blockchain analysis company, Chainalysis announced it’s partnership with cryptocurrency exchange Bitfinex.
  • Chainalysis has set up its anti-money laundering compliance solution with Bitfinex.

As a precaution towards detecting and preventing money laundering and other illicit activity across multiple cryptocurrencies, Chainalysis, the blockchain analysis company, has set up its anti-money laundering compliance solution with Bitfinex.

It seems to be a significant step at a time when establishing diligent compliance procedures is more complicated than ever, as jurisdictions are on their way to scrutinize the cryptocurrency industry.

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Bitfinex, founded in 2012, is the digital asset trading platform. In addition to advanced trading features, it provides access to peer-to-peer financing and trading for a wide selection of digital assets.

Bitfinex’s operating strategy aims to provide unparalleled support, tools, and professional traders and liquidity providers around the world.

Chainalysis is the blockchain analysis company where they provide investigation software to the established banks, businesses, and governments.

Chainalysis have experts in financial crime analysis and economic empowerment to deliver insights to the customers. It is inevitable to establish next-generation compliance networks. Chainalysis is a trustworthy destination in the blockchain system backed by Accel, Benchmark, and other leading names in venture capital.

In a short-span, Chainalysis expanded its coverage and now has 41 additional cryptocurrencies, including Ether, Bitcoin Cash, Litecoin, and several top stablecoins and tokens such as maker, Dai, and tether.

By connecting with Chainalysis KYT, Cryptocurrency exchanges such as bitfinex can monitor large volumes of cryptocurrency transactions and mitigate unsecured transactions on a timely basis. Continuous real-time alerting based on riskiest activity with enriched due diligence allow compliance teams to focus on the high-risk transactions, enforce relevant compliance policies, and better allocate resources.

According to Peter Warrack, Chief Compliance Officer, Bitfinex, Chainalysis is the most comprehensive and privacy-safe compliance networking to bypass all the fraudulent parties off our platform, while protecting the privacy of our users. Information about users is strictly in-house. This process, thus, could help build a safe and secure platform for its customers.

As time evolves, new regulatory requirements will change to compromise with the problems of the past. They will continue to design the ecosystem such that companies unwilling to introduce strict compliance actions will no longer sustain in the digital market. Over the past year, Chainalysis has shaped its platform to support multiple blockchain mechanisms to match with its global regulatory guidance.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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