Chainalysis and Bitfinex announced their new partnership for the completion of a full AML solution applied to the exchange. The latest analysis is becoming the next frontier of verification as the FATF rules will be unrolled from next summer of 2020.
Following the latest crypto news and analysis, Chainalysis and Bitfinex are two institutions that start to scrutinize blockchains themselves and the startup started offering its approach to proving the origin of the funds for multiple coins and tokens. Jason Bonds who is the Chief Revenue Officer at Chainalysis commented:
‘’Bitfinex is known as a destination for cryptocurrency traders seeking liquidity across various cryptocurrencies, and that volume requires an automated blockchain analysis solution in order to comply with regulations across the world…We are thrilled to work with Bitfinex as we mutually invest in supporting multiple cryptocurrencies’’
Bitfinex is not going without controversy and has faced multiple explorations into their activities. The market operator also had significant problems with the banking services and has gone through periods of non-transparent banking. However, the exchange I staking up a lot of reporting efforts. Chainalysis already tracks some of the biggest blockchains as well as ERC-20 tokens covering 41 top assets and a lot of other tokens. The Chainalysis KYT system allows the monitoring of multiple chains for suspicious activity.
Peter Warrack who is the Chief Compliance Officer at Bitfinex, stated his approval of the platform’s latest partnership by saying:
‘’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.’’
The solution does not include information about the users’ ID which is kept strictly in-hour. The company noted they are very excited to work alongside the Chainalysis team and to build a safe and robust platform for the users. The transaction tracking has been done voluntarily but it seems limited. The exchanges have ended up liquidating coins that originated from hacks or other malicious activities and there are a lot of unknown wallets where funds from Ponzi Schemes reside.
Bitfinex has left its spot as a top exchange and does not carry a lot of amounts as the activity tanked by 97 percent but the operator remained prominent and is concerned about transparency.
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