KuCoin to Implement Chainalysis KYT for Enhanced Compliance and Security
Crypto2020/06/02 14:28 by Guest Author
The IDG-backed KuCoin crypto exchange platform has announced its partnership with blockchain analysis company Chainalysis to further enhance the platform’s compliance and security. The partnership is part of KuCoin’s commitment towards promoting compliance-first business practices in the crypto industry as it will be integrating the Chainalysis KYT (Know-Your-Transaction) software to detect and prevent suspicious and illicit transactions on the platform.
The KYT software is designed to work in real-time, flagging potential money laundering or other illegal transactions on the blockchain. It also enables further investigation of such transactions with the help of Chainalysis Reactor. The new integration works along with KuCoin’s own fraud monitoring and early warning systems to ensure strict compliance and security of user’s digital assets on the platform.
Announcing the latest development, the Global CEO and Co-founder of KuCoin Johnny Lyu said, “We teamed up with Chainalysis to create a safe and compliance trading environment. Through KuCoin’s efforts, the crypto world will combat illegal activities, such as laundering money and financing terrorism.” He further added, “Although KuCoin has already deployed in this aspect, we hope to further strengthen out technical expansion into compliance with our cooperation with Chainalysis. Not only does it provide infrastructure to the blockchain ecosystem, but it also meets regulatory compliance requirements across different countries and regions.”
“Chainalysis is thrilled to partner with exchanges like KuCoin that prioritize compliance and the safety of its users,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “Our relationship with KuCoin is also an example of our continued commitment to working with leading exchanges in the Asia Pacific region, an important hub of cryptocurrency activity.”
KuCoin offers a suite of financial services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch, and more. It has over 5 million users from over 207 countries and regions around the world. On the other hand, Chainalysis serves as a strategic partner to various financial institutions, governments, and crypto businesses around the world. The Chainalysis KYT offering enables compliance teams to monitor large volumes of crypto transactions and identify high-risk transactions, thereby facilitating the implementation of global AML standards in the cryptocurrency space.
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