LINE's crypto exchange BITBOX adopts Chainalysis AML compliance solution
Fri, 21 Jun 2019, 04:45 am UTC
Money laundering is one of the biggest problems associated with cryptocurrency and Chainalysis is a company trying to counter this issue. It provides cryptocurrency investigation and compliance solutions, enabling businesses to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Chainalysis recently announced the roll-out of its crypto compliance solution for cryptocurrency exchange BITBOX, a subsidiary of the South Korean social network LINE, which has over 700 million users in Japan.
In a press release, it was explained how this new partnership will help aid in the fight against crypto money laundering.
Chainalysis KYT (Know Your Transaction) applies global AML standards to all user transactions within an organization, enabling crypto businesses and financial institutions to monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis. It will also help them quickly understand the risk profile of each user and identify those that require the most immediate attention.
Commenting on the alliance, Chainalysis Co-Founder and COO, Jonathan Levin said:
"We have heard from regulators that blockchain analysis is an important part of an effective anti-money laundering solution, and will be a significant factor in cryptocurrency businesses' ability to comply with global regulations," he said. "Exchanges like BITBOX that implement these best practices ahead of regulatory evaluations will show a dedication to compliance."
LINE Tech Plus, LINE CEO, Youngsu Ko agrees and highlights how this partnership will benefit BITBOX, as well. By providing safer trading for clients, the platform becomes a more appealing option for users.
"Chainalysis' compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices," he explained. "By adopting Chainalysis KYT, BITBOX will provide safe and secure trading experiences while demonstrating our commitment to compliance."
Meanwhile, recent reports suggested that LINE was close to getting a license in Japan to open a cryptocurrency exchange. LINE has issued an official statement on the matter saying that no such decision has been made on the matter.
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