September 27, 2023

Bitfinex Launches Chainalysis System

Bitfinex Launches Chainalysis System

Chainalysis's privacy solution will enable the exchange to identify and prevent suspicious cryptocurrency transactions.

Using Chainalysis KYT - AlgorithmicKnow Your Transaction software - the platform will track large volumes of cryptocurrency transactions and detect high-risk activity in real time.

Chainalysis tracks blockchain transactionsA total of 41 cryptocurrencies, including Bitcoin, Ether, Bitcoin Cash, Litecoin and ERC-20 tokens, including Tether, Maker and Dai, which allows exchanges to follow regulatory procedures, which are increasingly necessary due to strict control imposed by jurisdictions throughout to the world.

Recall that the Bittrex exchange also updated its security features with the Chainalysis KYT tool several months ago.

Also this October, Binance launched the transactional monitoring software developed by Chainalysis to preserve its transcontinental ecosystem.

Chainalysis already provides softwareensuring compliance and analysis of the blockchain to banks, enterprises and governments around the world, working with the FATF financial crime and economic analysis expert group, which helps to identify suspicious activities.