The crypto exchange Bittrex is currently incorporating the Chainalysis know-your-transaction (KYT) tool in order to identify high-risk transactions.
In yesterday’s press release, Chainalysis revealed the deployment of the real-time transaction monitoring solution to Bittrex.
The Seattle-based blockchain trading platform is currently attempting to meet new and already established regulatory and compliance standards. With the incorporation of Chainalysis’ KYT, Bittrex is now able to efficiently monitor high volumes of activity in the crypto space and very rapidly identify medium and high-risk transactions.
Bill Shihara, the CEO of Bittrex stated:
“Our business is always continuing to grow. This is why it’s of utmost importance to have a thorough and reliable transaction monitoring system in place. We need to continuously demonstrate our commitment to compliance. This is why we have chosen to use Chainalysis’ KYT. It’s an incredibly important tool to have as an anti-money laundering program. It helps us detect, prevent and address any unlawful behavior in very short amounts of time.”
The Chainalysis tool usage will only grow
At the moment, Chainalysis KYT is monitoring 25 cryptocurrencies and near future expectations show that even more cryptocurrencies will be added very soon.
Bittrex is not the only crypto exchange which is taking measures against unlawful activities. As the crypto market is ever so slowly transitioning over to the mainstream, crypto exchanges are making sure that the influx of new investors does not stop.
The Blockchain Transparency Institute (TBI) recently reported that Coinbase and Kraken are the most trustworthy exchanges out on the market. That being said, the latest TBI report, showcased that wash trading is still very common in crypto exchanges and since the start of the year it’s been reduced by 35.7%.
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