NEW YORK, April 24, 2019 /PRNewswire/ -- Chainalysis, the leading provider of cryptocurrency compliance and investigation solutions, today announced the availability of real-time transaction monitoring for 10 cryptocurrencies. The launch of additional cryptocurrencies comes in anticipation of global regulatory guidance that will require automated transaction monitoring for the cryptocurrencies that exchanges and financial institutions support.
Real-time monitoring is now available in Chainalysis KYT (Know Your Transaction), the anti-money laundering compliance solution used by more than 110 cryptocurrency businesses and financial institutions in 36 countries. Access to four of the most popular cryptocurrencies, including Binance Coin, Gemini Dollar, Tether, and USD Coin is available beginning today. Over the past year, the company also rolled out support for Bitcoin Cash, Ether, Litecoin, Paxos Standard, and TrueUSD, in addition to its original Bitcoin capabilities.
"Global regulation of the cryptocurrency industry is inevitable for this truly borderless financial system to achieve mainstream adoption," said Jonathan Levin, Co-Founder and COO of Chainalysis. "About a year ago, we made the decision to completely re-architect our technology to scale to support more blockchains. We'll now be able to add new cryptocurrencies more quickly, an important factor for our customers in meeting regulatory requirements."
This year, inter-governmental and domestic bodies will provide clarity on the regulation of virtual assets, including cryptocurrencies. An early draft of guidance from the Financial Action Task Force (FATF), which will influence how over 180 countries will regulate cryptocurrencies relating to anti-money laundering and combating the financing of terrorism, suggests systems to automate the monitoring and processing of transactions may be required.
Chainalysis KYT is designed to automate the assessment of money laundering risk so cryptocurrency businesses and financial institutions can meet regulatory requirements, and strong regulatory regimes require cryptocurrency businesses to get approval on offerings for any new cryptocurrencies. Chainalysis now covers 10 cryptocurrencies that represent 85% of the top 25 by trading volume, and will continue to onboard additional cryptocurrencies.
"As a New York trust company, we are required to monitor transactions onto and off of our platform. Automated solutions like Chainalysis help us fulfill our regulatory obligations," said Michael Breu, Chief Compliance Officer at Gemini.
Graphing support for the same 10 cryptocurrencies is also available in the company's investigations product, Chainalysis Reactor, and is already being used by law enforcement to investigate hacks and other illicit activity across different cryptocurrencies. Chainalysis has identified and labeled more than 3,500 real-world services including the top exchanges, merchants, darknet markets, and scams in its products.
Chainalysis offers cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity. Backed by Accel, Benchmark and other leading names in venture capital, Chainalysis builds trust in blockchains. For more information, visit www.chainalysis.com.