- Bittrex will use Chainalysis’s know-your-transaction solution to be compliant with existing regulatory standards.
- The collaboration will help Bittrex in monitoring large volumes of crypto activity and identifying high-risk transactions.
Bittrex, a crypto exchange, will soon be entering a partnership with Chainalysis, a blockchain intelligence platform. This collaboration is expected to enhance the compliance solution on its platform. Bittrex will use Chainalysis’ know-your-transaction (KYT) to be compliant with the current regulatory standards of its operating markets.
Jonathan Levin, co-founder and chief strategy officer at Chainalysis, said:
“As we focus on building out our products to accommodate more cryptocurrencies beyond Bitcoin, working with cryptocurrency exchanges that focus on offering a broad array of coins is mutually beneficial. Bittrex is dedicated to offering a breadth of cryptocurrencies to their customers and enforcing comprehensive compliance policies.”
The blockchain intelligence company’s KYT monitors vast volumes of crypto activity and identifies suspicious or high-risk transactions. Bittrex is aiming to profile its user activities in terms of risks. This can also help the exchange in prioritizing transactions. Chainalysis’s solution supports 25 digital currencies, including Ether, Bitcoin Cash, Litecoin, Tether, Maker, and Dai.
Bill Shihara, chief executive of Bittrex, said:
“As our business continues to grow, having a thorough and reliable transaction monitoring system in place is crucial in demonstrating our commitment to compliance. Chainalysis KYT is an important tool in having an effective anti-money laundering program by helping us prevent, detect, and address unlawful behavior.”
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