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MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool

Thu, 25 Apr 2019, 05:32 am UTC

Chainalysis, a cryptocurrency compliance and investigation solutions provider, has added four more cryptocurrencies to its real-time transaction monitoring tool.

Initially launched with bitcoin capabilities, the tool added support for Ether, Bitcoin Cash, Litecoin, TrueUSD, and Paxos Standard over the past year.

In its latest announcement, Chainalysis said that it has now added support for Binance Coin, Gemini Dollar, Tether, and USD Coin. With this, it now covers a total of 10 cryptocurrencies representing 85% of the top 25 by trading volume.

Real-time monitoring is available in Chainalysis KYT (Know Your Transaction), the anti-money laundering compliance solution used by more than 110 cryptocurrency businesses and financial institutions in 36 countries.

The support for the new cryptos comes in anticipation of global regulatory guidance from the Financial Action Task Force (FATF) this year, which will influence how cryptocurrencies will be regulated with regard to anti-money laundering and combating the financing of terrorism (AML/CFT) rules in over 180 countries.

“Global regulation of the cryptocurrency industry is inevitable for this truly borderless financial system to achieve mainstream adoption,” said Jonathan Levin, Co-Founder and COO of Chainalysis. “About a year ago, we made the decision to completely re-architect our technology to scale to support more blockchains. We’ll now be able to add new cryptocurrencies more quickly, an important factor for our customers in meeting regulatory requirements.”

Chainalysis said that its AML compliance tool is designed to automate the assessment of money laundering risk, thereby helping cryptocurrency businesses and financial institutions to meet regulatory requirements.

Chainalysis further said that the same 10 cryptocurrencies are also available in its investigations product, Chainalysis Reactor, and is already being used by law enforcement to investigate hacks and other illicit activity across different cryptocurrencies.

Founded in 2014, Chainalysis recently raised an additional $6 million to close its $36 million Series B round with a strategic investment from Japan's largest financial institution, MUFG, and venture capital firm Sozo Ventures.

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