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Blockchain Company, Chainalysis, Will Provide Crypto-Exchange CornField?

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  • Tip Bones

Blockchain analysis company, Chainalysis, will provide crypto exchange CornField, with its Know-Your-Transaction KYT software, in a partnership. 

Chainalysis Extends its Reach:

CoinField will use the KYT software to identify high-risk cryptocurrency transactions in real-time, receiving in-depth insights into the origins of each. Transactions can be traced on various blockchains, presenting a graphical mapping of cryptocurrency transaction flow.

The exchange will also use Chainalysis’ Reactor to further investigate questionable activity or transactions which violate risk typologies.

Chainalysis’s technology increases CoinField’s ability to exceed anti-money laundering requirements, proving its commitments to compliance. But the partnership also benefits Chainalysis, as Chief Revenue Officer, Jason Bonds, explained:

CoinField’s mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains. We both believe compliance is critical to the mainstream adoption of cryptocurrency, and we look forward to partnering with CoinField to promote the safe use of cryptocurrencies globally.

AML Implementation Growing In Crypto Space:

As Bitcoinist reported, Chainalysis previously partnered on an AML solution with Bitfinex cryptocurrency exchange. 

Bitfinex Chief Compliance Officer said that the “comprehensive compliance solution,” would help them, "to keep bad actors off of our platform, while protecting the privacy of our users."

Stablecoin Tether also got on board with Chainalysis this month, using the firm’s AML technology to “monitor the stablecoin’s usage across its blockchain, enabling the real-time tracking of suspicious transactions.”

Anti-money laundering regulations are becoming increasingly tough for the cryptocurrency industry. Since the European Union’s Anti-Money Laundering Directive AMLD went into force in January, digital assets have been specifically targeted.

European nations have also performed the regulations in imperceptibly diverse interpretations, so rules vary across the bloc. Crypto firms in Austria, for example, could be fined €k for neglecting to register for a license-application, before the cut-off date of January.

AML Is Not Just For Cryptocurrency…

…Although you might think so, with all the noise around anti-money laundering being directed at the crypto space.

But AML rules have applied, and been broken by banks since before Bitcoin was a twinkle in Satoshi Nakamoto’s eye. And they continue to be broken by banks… rather a lot.

Bitcoinist recently published that the second-biggest bank in Australia managed to break AML laws, more than a million times. They just barely have had time to do anything else.

What are your viewpoints on Coinfield’s newest partnership with Chainalaysis? Add your views below!