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CoinField Partners With Chainalysis To Leverage KYT and AML Features

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CoinField Exchange Announces Launch Of Validator For XRP Network
CoinField Exchange Announces Launch Of Validator For XRP Network

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CoinField, a crypto exchange, has recently made an announcement. This announcement, done on Thursday, was to reveal its new partnership with the crypto monitoring firm, Chainalysis. CoinField will leverage Chainalysis’s services to utilize its solutions for anti-money laundering, or AML, compliance.

AML Integration For Safer Exchanges

Coinfield will further integrate the know-your-transaction, or KYT, solution of the blockchain analysis firm. This will help prevent money laundering within CoinField’s exchange platform, as well as hold off on other illicit activities that risk showing its head.

Jason Bonds stood to comment about the matter and represents Chainalysis through his Chief Revenue Officer, or CRO, position. He explained that Coinfield’s primary goal is to create a more accessible cryptocurrency ecosystem. This goal compliments Chainalysis’s mission to increase the levels of trust in blockchain technology.

Bonds explained that both parties hold the belief that compliance is a critical factor in the adoption of cryptocurrencies within mainstream markets. With their combined vision, Bonds states that Chainalysis is eager regarding this partnership, and hope to promote the global safe usage of crypto through it.

Canadian New AML Law Will Force Crypto Exchanges to Register with FinTRAC
Source: Council of Europe

Ensuring All Suspect Transactions Are Trackable

As the press release, in turn, explains, KYT solutions enable an exchange to monitor the volumes of high-risk assets in real-time. Through this, they will be capable of identifying suspicious activity. They will also be capable of tracing transactions across multiple blockchain networks, as well as being able to provide a graphical map of the flow of crypto transactions.

With the new partnership, CoinField will also gain access to the usage of Chainalysis Reactor. With this tool in hand, the exchange is capable of probing deeper into suspicious activities within their exchange platform.

Growing Crypto Regulations

The market for blockchain analyzers at this point in time is a perfect one indeed. As the countries across the globe start to regulate the crypto industry, the demand for analyzers within it rises exponentially. This is doubly so for cryptocurrency exchanges, who must combat its prime status for hackers to liquidate stolen crypto. Unless they want to be known as “That Criminal Exchange,” many exchanges must implement security measures, if only to keep good PR.

Tether integrated a blockchain analyzer just a week ago, with Chainalysis being the partner in that case as well. For the most part, it was used to bolster its compliance needs. Bitfinex did the same last year, in order to monitor transactions for suspect criminal activity.

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