March 21, 2023

Paxful Introduces Chainalysis Tools to Track Suspicious Transactions

Paxful's P2P platform will increase operational security in partnership with Chainalysis, an analytical firm. Paxful will introduce Reactor and KYT tools for detecting illegal transactions.

As part of the partnership, Paxful’s P2P platform will integrate Chainalysis technology into its operations. Paxful CEO and co-founder Ray Youssef noted:

"Paxful uses Chainalysis Reactor tochecking suspicious activity on its platform and Chainalysis KYT to monitor transactions for any illegal actions. Working with Paxful, Chainalysis is changing its policy and will evaluate P2P exchangers on a case-by-case basis before calling them risky. ”

Prior to working with Paxful Chainalysis, she noteddubious security of P2P platforms due to low user disclosure requirements. Youssef believes that implementing certain transaction tracking tools is a necessary measure. He said:

“Paxful's P2P platform is for honestusers. As in other industries, there are dishonest players in the cryptocurrency industry who are trying to steal money. KYC and KYT support honest users and increase their confidence in safe trading. ”