August 9, 2020

Bittrex will track criminal activity on its exchange

Bittrex will track criminal activity on its exchange

Bittrex cryptocurrency exchange began using transaction monitoring software developed by the company Chainalysis. Using the new solution, it is planned to monitor and prevent suspicious activity on the trading platform.

A new software called Chainalysis KYT (Know-Your-Transaction) will track user activity during the trading of the most popular coins - BTC, ETH, BCH and others.

The implementation of the new solution by the exchanger takes place onAmid increasing regulatory control over the blockchain market. Recall that in June, the Financial Action Task Force (FATF) issued a set of recommended rules for digital asset service providers. Cryptocurrency platforms were given 12 months to develop the necessary mechanisms for compliance with the rules.

According to representatives of the exchange, the new software will help “automate the process of meeting regulatory standards,” which in turn will allow the team to devote their time to solving other technical problems.

Chainalysis KYC will flag suspicioustransactions and notify the analyst-operator about them, who will make a decision on whether the threat of criminal activity is real. If such transactions are discovered, the exchange is obliged to inform the regulator about it.

According to the materials www.coindesk.com