Bitcoin

Bittrex is closely monitoring the transactions in crypto-currencies via Chainalysis KYT

1 October 2019 by Océane

After the financial action task force (FATF) has forced the crypto-exchanges to strengthen the fight against money laundering and related offences relating to transactions in crypto-currencies, Bittrex adopts Chainalysis KYT, the software of the real-time monitoring of Chainalysis.

Increased surveillance

Chainalysis KYT (Know Your Transaction) is a solution for monitoring real-time transactions designed to address anti-money laundering (AML).
Theoretically, it can detect large transactions that are likely to represent threats in the crypto-sphere.
Now, Chainalysis KYT carry out the control on the various crypto-currencies being traded on the platform Bittrex, in order to detect suspicious activities.
Bill Shihara, the CEO of Bittrex, has supported :

“As our company grows, it is essential to have a system of reliable monitoring and complete transaction in order to demonstrate our commitment to abide by the rules. Chainalysis KYT is an important tool for the implementation of an effective program to combat money laundering by helping us prevent, detect and combat the illicit behavior “.

With more features

While Bittrex is always in compliance with regulations in force, this development is a significant step forward for the platform, ” says John Roth, the director of the compliance and ethics of the company.
In effect, the rich knowledge-base of integrated Chainalysis KYT will support the crypto-stock exchange in its compliance process.
However, Chainalysis just make improvements on this tool, incorporating a new feature to alert in real-time. The latter emits signals whenever a transfer involves a counterparty risky or exceeding a threshold security.
What do you think of these new control measures adopted by Bittrex ? Share your thoughts in the comment section below.
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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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