March 28, 2024

Bitfinex Launches Chainalysis System

Bitfinex launches Chainalysis system

Chainalysis' privacy compliance solution will allow exchanges to detect and preventsuspicious cryptocurrency transactions.

Using Chainalysis KYT – algorithmicKnow Your Transaction software – the platform will monitor large volumes of cryptocurrency transactions and identify 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.

As a reminder, the Bittrex exchange also updated its security features using the Chainalysis KYT tool a few 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.