June 7, 2023

Bithumb Integrates Chainalysis Tools

Bithumb Integrates Chainalysis Tools

According to an official announcement of March 10, South Korean exchanger Bithumb entered into a partnership with the company Chainalysis in order to meet the requirements of the local regulator.

The exchange will use the Reactor tool developed by Chainalysis in order to track suspicious activity on its platform.

According to the decree of the country's regulator, exchanges have time until 2021 in order to begin to meet international FATF requirements.

Korean exchanges should now providetransaction information and real usernames in the country's financial intelligence unit. The management of the platform, who did not submit such information, can receive from $ 42,000 fine to 5 years in prison.

In addition, exchange systems must go throughCertified by the Korea Internet Security Agency (KISA). Due to the high time and cost of certification, only four exchangers completed this process - Bithumb, Upbit, Coinwon and Korbit.

Chainalysis CEO Jason Bonds said:

As cryptocurrencies grow in popularity in Korea, new regulatory rules will appear. Exchanges will need to use our tools to match them.

Recall that at the end of last year, the Bitfinex exchange also integrated the Chainalysis solution to identify and prevent suspicious transactions.

According to the materials cointelegraph.com