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Blockchain analysis company Chainalysis has partnered with cryptocurrency exchange CoinField to prevent money laundering.
CoinField announced its partnership with Chainalysis in a press release stating that they want to “provide the cryptocurrency exchange with Anti-Money Laundering compliance solution.” The company will use Chainalysis KYT software to catch money laundering and illegal activities in real-time. CoinField will also use Chainalysis Reactor to investigate suspicious activities.
Chainalysis is a blockchain analysis company that provides compliance and investigation software to the world’s leading banks, businesses, and governments. Meanwhile, CoinField is a regulated European based fiat-to-crypto exchange supervised by the Financial Intelligence Unit (FIU). The platform supports the top six fiat currencies including bitcoin, bitcoin cash, litecoin, and ether to name a few, as well as a large number of digital assets.
“CoinField’s mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “We both believe compliance is critical to the mainstream adoption of cryptocurrency, and we look forward to partnering with CoinField to promote the safe use of cryptocurrencies globally.”
CoinField will use the Chainalysis’ software to monitor and identify high-risk transactions. The compliance tool will also help the exchange trace transactions on different blockchains and provide a graphical mapping of the cryptocurrency transaction.
Chainalysis will monitor and evaluate each crypto transaction using its proprietary analysis technique to create highly accurate and customized alerts for risky transactions. Thus, the partnership will help CoinField combat the illegal use of cryptocurrencies.
“Chainalysis KYT enables us to monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously. Chainalysis’s compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices. It will provide safe and easy monitoring while demonstrating our commitment to compliance. At the same time, I feel safe that a group of experts is working to improve their products for the benefit of their clients,” said Roberto Valdes, Chief Compliance Officer (AML), CoinField.
Meanwhile, a few weeks back, Chainalysis rolled out its anti-money laundering (AML) compliance solution for stablecoin issuer Tether. The software would enable Tether to monitor the usage of stablecoin in its platform.
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