Tuesday, October 20, 2020

Chainalysis Adds Real-Time Transaction Monitoring for 4 More Cryptos

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Blockchain compliance startup Chainalysis has added four more cryptocurrencies to its real-time transaction monitoring tool.

The newly supported coins are Binance’s native token Binance Coin (BNB) and three stablecoins – Gemini dollar (GUSD), Tether (USDT) and Circle’s USD Coin (USDC) – Chainalysis said Wednesday.

“As a New York trust company, we are required to monitor transactions onto and off of our platform,” said crypto exchange Gemini’s chief compliance officer, Michael Breu. “Automated solutions like Chainalysis help us fulfill our regulatory obligations.”

The additions mean Chainalysis’ anti-money laundering compliance solution, Chainalysis KYT (Know Your Transaction), now supports a total of 10 cryptocurrencies. The solution already supported six cryptocurrencies: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), litecoin (LTC) and the stablecoins TrustToken’s TrueUSD and Paxos Standard (PAX).

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More: Chainalysis gives new solutions for FATF’s ‘Virtual Asset Service Providers’ recommendations

The support of additional cryptocurrencies comes in anticipation of regulatory guidance from the Financial Action Task Force (FATF), a global money-laundering watchdog, which will provide clarity on how cryptocurrencies should be regulated over 180 countries, Chainalysis said.

The startup’s co-founder and chief operating officer, Jonathan Levin, told CoinDesk:

“Chainalysis is prepared to equip businesses with automated transaction monitoring for currencies beyond bitcoin. We expect that the launch of these multiple currency capabilities will help shape FATF guidance on the sector and help move away from technically infeasible solutions to more pragmatic recommendations.”

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With Chainalysis having recently rebuilt its technology to scale and support more blockchains, the firm will be able to add new cryptocurrencies more quickly, Levin added in the announcement.

The startup’s blockchain investigation tool, Chainalysis Reactor, now also supports the same 10 cryptocurrencies, which it says represent 85 percent of the top 25 coins by trading volume.

Just last week, Chainalysis published a public comment letter in response to a draft recommendation by the FATF, saying that it is unrealistic and potentially harmful for the crypto industry to expect exchange platforms to send know-your-customer (KYC) information to recipient platforms with every transaction.

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