Chainalysis helps Binance tackle cryptocurrency money laundering

Chainalysis, a cryptocurrency compliance and investigation solutions provider, has announced the completion of a global roll-out of its compliance solution with cryptocurrency exchange Binance.

In its official release, Chainalysis explained that its compliance software, called ‘Chainalysis KYT’ (Know Your Transaction), is the only real-time transaction monitoring solution for cryptocurrencies. By using pattern recognition, proprietary algorithms and several open source references, it identifies and categorizes cryptocurrency services and raise live alerts on suspicious transactions.

The solution enables cryptocurrency businesses and financial institutions to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, while simultaneously making it easier for companies supporting cryptocurrencies to open bank accounts.

With this solution, Binance will be better equipped to address the challenges at the intersection of cryptocurrencies, regulators and traditional financial institutions, and expand in new markets and user segments.

“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth," said Wei Zhou, CFO at Binance. "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."