CoinField Enters Partnership With Chainalysis For Crypto Solution

CoinField Enters Partnership With Chainalysis For Crypto Solution

Chainalysis, the blockchain analytics agency, has collaborated with CoinField to provide an Anti-Money Laundering compliance solution for the crypto-currency exchange.

CoinField will use KYT (Know-Your-Transaction) chainalysis tools to identify and prevent real-time money laundering and illicit activity through various cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, Ether and many others.

Further Investigations Of Suspicious Activity

Additionally, CoinField will use Chainalysis Reactor to conduct further investigations into suspicious activity.

“CoinField’s mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “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.”

Partnership to Offer Crypto Solution

CoinField will use the integrated software solution to track volumes and to continuously and in real time classify high-risk transactions. The compliance tool also helps CoinField to trace transactions on different blockchains, and offers a graphical visualization of the transaction flow of cryptocurrencies.

CoinField takes combating illicit criminal use of cryptocurrencies very seriously. Chainalysis monitors and evaluates each cryptocurrency transaction in real time and provides in-depth insight into the origin of each cryptocurrency transaction. Proprietary analysis techniques enable Chainalysis to create highly accurate and customized alerts for transactions that violate risk typologies.

“Chainalysis KYT enables us to monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously. Chainalysis’s compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices. It will provide safe and easy monitoring while demonstrating our commitment to compliance. At the same time, I feel safe that a group of experts is working to improve their products for the benefit of their clients,” said Roberto Valdes, Chief Compliance Officer (AML), CoinField.

In a related context, CipherTrace, a cryptocurrency intelligence firm, report revealed 533 percent increase in the value of cryptocurrency fraud, which include Ponzi style pyramid schemes, and exit scams.

Such increase means that the traditional banking system is potentially exposed to danger under the new Financial Action Task Force (FATF) regulations as misappropriated funds are laundered.

0 0 vote
Article Rating
Share this page
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.