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Chainalysis Brings Privacy-Safe Compliance Solution to Cryptocurrency Exchange Bitfinex

Chainalysis Brings Privacy-Safe Compliance Solution to Cryptocurrency Exchange Bitfinex

December 12, 2019, New York: Chainalysis, a blockchain analysis company that provides compliance and investigation software to the world’s leading banks, businesses, and governments, has completed a global roll-out of its anti-money laundering compliance solution with Bitfinex. Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.

The compliance solution is formed to detect and prevent money laundering and illicit activity across multiple cryptocurrencies. By leveraging Chainalysis KYT (Know Your Transaction), that has reportedly expanded coverage beyond Bitcoin with additional 41 cryptocurrencies, businesses in the crypto sphere can now monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously.

Chief Revenue Officer of Chainalysis, Jason Bonds said that the firm is thrilled to work with Bitfinex to mutually invest in supporting multiple cryptocurrencies. Bonds added that Bitfinex is known as a destination for cryptocurrency traders seeking liquidity across various cryptocurrencies, and an automated blockchain analysis solution is required to comply with regulations across the world.

On the other hand, Peter Warrack, Chief Compliance Officer of Bitfinex said that the platform will not share information identifying users and will be kept strictly in-house. Warrack also expressed his firm’s excitement to work with Chainalysis team to continue to build out a safe and robust platform for users. “Chainalysis is a top-of-the-line, comprehensive and privacy-safe compliance solution aligned with what we were seeking to keep bad actors off of our platform, while protecting the privacy of our users,” added Warrack. 

See Also

Visit www.bitfinex.com and www.chainalysis.com to learn more about the exciting development. 

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