Bittrex Leverages Chainalysis Across Multiple Cryptocurrencies

Bittrex Leverages Chainalysis Across Multiple Cryptocurrencies

Chainalysis has announced the successful deployment of its compliance solution to Bittrex.

Bittrex will leverage Chainalysis Know Your Transaction (KYT) to meet new and regulatory and compliance standards. Thus making it safer, and more secure platform for their users.

With Chainalysis KYT, Bittrex can understand their users' risk profiles. Chainalysis provides capabilities in monitoring the large volumes of cryptocurrency activity and identifies high-risk transactions continuously. Thus helping with users' risk profiles.

Executive Opinion

Co-Founder, and Chief Strategy Officer, Jonathan Levin, 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 CEO, Bill Shihara, 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."

Chainalysis KYT at Bittrex

Litecoin, Ether, Bitcoin Cash, top Stablecoins and ERC-20 tokens such as the Maker, Dai, Tether are some of the popular cryptocurrencies are now supported by Chainalysis KYT, its Anti-Money Laundering compliance solution.

Chainalysis KYT automated the assessment of money laundering risk, which helps the cryptocurrency businesses and financial institutions to meet the regulatory requirements. 

Chainalysis KYT as of now covers around 25 cryptocurrencies.  Chainalysis plans to incorporate more cryptocurrencies in the future. The currently supported cryptocurrencies account for 85% of the top 100 based on their trading volume.

Businesses can identify transactions that require immediate attention with the help of Chainalysis solution. Chainalysis also offers the capability to monitor real-time transaction across the number of cryptocurrencies. These capabilities are vital for Bittrex, the announcement notes.

 PC: Pixabay, Pablo

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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