Chainalysis, the blockchain analysis company, announced an extension of its partnership with South Korean digital asset exchange, Upbit to provide support across the broader Asia Pacific (APAC) region.
According to an announcement on April 23, Upbit APAC will use Chainalysis KYT (Know Your Transaction) to ensure safe, secure trading experiences for all of its users as digital asset and cryptocurrency exchanges work to ramp up compliance procedures around the world.
Jason Bonds, Chief Revenue Officer, Chainalysis said in a statement:
“As digital asset and cryptocurrency use in Asia Pacific continues to grow, incorporating proper AML and KYC requirements is a vital step for all cryptocurrency exchanges in the region. Upbit is setting a strong example for other exchanges in the region and is a strategic partner to us as we expand our presence there.”
Alex Kim, CEO, Upbit APAC added:
“As more and more markets around the world adopt new regulations, it was vital for us to find a compliance partner that could work with us as we expand our digital asset business to new markets. With an unparalleled data set, user friendly software, and much-needed on-the-ground support here in APAC, Chainalysis was the obvious choice for us in a compliance partner.”
Jurisdictions around the world are issuing regulatory requirements to cryptocurrency businesses to step up compliance procedures.
Chainalysis KYT, the cryptocurrency AML compliance solution, is used by over 275 customers in 40 countries to screen transactions in real-time and receive alerts on suspicious activity.