Robinhood partnered with Chainalysis in order to create a better system for monitoring money laundering and said that it is putting safety first for its users as we can see more today in our latest blockchain news.
Robinhood hasn’t set a release date for its crypto wallet app yet but in the spirit of safety-first company sentiment, Robinhood partnered with Chainalysis to use its Know Your Transaction and Reactor software and manage the compliance with its brokerage app and wallet. The KYT software flags suspicious transactions for the Robinhood team in real-time that allows the company to monitor the money laundering cases. Reactor provides an interface that will guide the team in its in-depth analysis of on-chain data once they found what looks to be suspicious activity. The company said it will be having the teams complete Chainalysis certification programs. Ben Einstein as the head of partnership of Robinhood said:
“The executive team has spent significant resources and capital to embed [the “safety first” policy] into every level of the organization. Chainalysis works closely with regulators and law enforcement to develop industry best practices and that approach is aligned with Robinhood’s commitment to working with policymakers in a collaborative manner.
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The intense focus on safety and compliance came at the end of the tumulous year for Robinhood. The company suffered a data security incident that resulted in the theft of 5 million customer email addresses. The company saw its price shares drop 43% since it went public at the end of July and after making its debut at $34.82, it hit an all-time high of a week later with the stock sitting near .
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99 as of Friday. The biggest upset came when the app stopped trading the GameStop Shares in the middle of the coordinated efforts by members of the WallStreetBets Reddit Group purchasing the stock to drive institutional traders that were cashing in on short-selling the stocks for years of their positions at a loss.
As the Reddit users drove up the price, two hedge funds had to abandon their positions and the service outage on Reddit left a bad impression for the users which led to an investigation by the Financial Industry Regulatory Authority. In June when lagging prices were cutting the revenue from crypto trades, FINRA hit Robinhood with a fine worth $70,000 citing harm caused by misleading communications, inappropriate approvals for complicated trades, and system outages. Robinhood Crypto COO Christine Brown joined in April 2020, and said she wants the company to stay on the right side of regulation:
“We want to make sure that we’re working on assessing everything from a regulatory perspective really well.”
Robinhood launched an alpha version of the wallet for the users in October but has yet to say more about the release to the public.
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