Chainalysis, which is one of the top blockchain analysis company and it has launched new tools to support the virtual currencies firms to help them look tactical with the regulators. The firm already knows service such as “Know your Transaction” will provide the users real-time notifications.
Chainalysis is considering about the money laundering and that’s why it is providing the facility to the company to accept the transaction along with reading. This service of Chainalysis will be present for every 15 virtual currencies which currently associated with the blockchain investigation firm.
As per the report published in HedgWeek in the section of financial news, the Chainalaysis firm of blockchain forensics has introduced a new function to help the virtual currency firms to become manageable in the constantly changing regulatory system.
The most important system among this of Chainalysis is Know Your Transaction feature, which decreases the risk of money laundering while the company is doing a transaction. The firm believes that real-time notification will decrease the chances of financial crimes and money laundering.
The Chainalysis’s vice president of product, John Dempsey also said that these new steps and functions are due to the increasing regulatory investigations in the cryptocurrency industry. He commented about the upgrade,
“Every minute counts when managing exposure to sanctioned entities, hacked funds, darkness markets, and other illicit activities, which is why Chainalysis is investing in fast actionable alerts to help our customers mitigate risk across cryptocurrencies.”
The whole idea of this function is for the companies who usually transaction with cryptocurrencies and now they are able to investigate every transaction and also its involvement into any financial crimes. If they come to know about anything suspicious so they can take action according to that and following it they ban the user ‘s service and reject the transaction.
The function of Chainalysis is really welcomed by the other virtual currency exchange firms and authorities. Especially who already had been the victim of the situation. The Chief Compliance Officer of Gemini, Michael Breu also said,
“Tools like KYT alerts, which provide real-time and ongoing blockchain analysis, coupled with Gemini’s own compliance policies, help us meet our regulatory obligations.”
The functions may well very important in catching scams in the cryptocurrencies ecosystem such as PlusToken scam, in which the company tricked the investors to transact over around 1,000 BTC in the wallets. Those who are investigated scam has started the funds are making it’s the way to famous exchanges in the form of blocks of 50 or 100 BTC.
Chainalysis is the first company to trying to solve and look after the blockchain-related financial crimes. If they are also working with a lot of authoritative government agencies to impose better laws and the criminals should go behind the bar.