Binance, the world’s largest exchange for trading volume, has decided to work with the blockchain investigation and monitoring company, Chainalysis, to apply a new compliance solution worldwide.
According to this agreement, Chainalysis will give access to its own compliance software, Know Your Transaction, which will allow the exchange to track cryptocurrency transactions in real time, in order to follow and prevent any illegal operations.
This happens through the classification and real-time study of millions of transactions, all thanks to proprietary algorithms developed ad hoc.
In this way, KYC and AML practices will be completed and perfected, in which the exchange has invested both financial resources and considerable economic resources.
Binance’s CFO, Wei Zhou, said: “The ultimate goal of our partnership with Chainalysis is to create an environment in blockchain where everyone feels safe. We believe the fight against money laundering to be collaborative and proactive,” and is confident that the move will inspire other professionals in the industry.
Chainalysis, which in April raised $16 million in financial resources from a group of venture capitalists for the development of the KYT system, is a leading company in the blockchain investigation sector, serving both private companies and the police.
