March 29, 2023

Paxful integrates suspicious transaction monitoring solutions from Chainalysis

Paxful's P2P Bitcoin trading platform has partnered with analytic startup Chainalysis. goal cooperation - with the help of startup software, reduce the risk of violation of legislative norms during transactions.

According to a ForkLog editorial press release, Paxful uses two tools.

The first of these, Chainanalysis KYT, allows forReal-time tracking and blocking of suspicious transactions. We are talking about sending cryptocurrencies to high-risk addresses, for example, related to the financing of terrorism, being under sanctions or belonging to darknet resources.

The second tool, Chainanalysis Reactor, is used to investigate suspicious activity.

An analytical startup noted that earlierMarked all P2P cryptocurrency exchanges as “essentially risky,” since they are decentralized and often do not even require users to create an account. However, the introduction of Paxful control tools “sets a new benchmark for regulatory compliance for P2P platforms,” the statement said.

Previously Chainanalysis Transaction Labeling Softwarecentralized bitcoin exchanges such as Binance, Bittrex and Bitfinex have been integrated with high risk. Also uses start-up tools, the issuer of stablecoin USDT, the company Tether /