Saturday , July 31 2021

Chainalysis will track USDT and Binance Coin money laundering transactions

Analytical blockchain-startup Chainalysis has announced that today's proposed transaction tracking Chainalysis KYT (Know Your Transaction) supports four additional coins. Their number includes the Binance BNB internal sign, as well as Gemini Dollar (GUSD), Tether (USDT) and USD Coin (USDC) Steinkloins.

Thus, the Chainalysis Anti-Money Laundering software supports 10 CryptoLight assets. Previously, Chainalysis KYT Inc. allowed to track Bitcoin Transactions, Ethereum, Bitcoin Cash, Litecoin, TrueUSD, and Paxos Standard.

As CoinDesk notes, support for new assets is added pending the publication of new guidelines for the FATF (Financial Action Task Force).

"Chainalysis is ready to provide businesses with automated transaction tracking tools not only on Bitcoin but also on other cryptoLooks. We expect that multi-currency support will help the FATF prepare its recommendations for this sector and reject technically unrealized solutions in favor of more pragmatic recommendations. According to Chainalysis Chief Operations Manager Jonathan Levine.

According to him, Chainalysis has recently modernized its technology, making it more scalable. Thanks to this, it will be easier in the future to add support for other new assets.

Earlier this month, Chainalysis in an open letter urged the FATF to refrain from excessive tightening of the crypto-industry industry, as the measures proposed by the organization could lead to massive closures of exchanges and other infrastructure services.

Last October, Binance announced the start of using the Chainalysis software to track suspicious transactions on its platform. And in April, these efforts were expanded through partnership with the CipherTrace cyber security and analytical block network

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