This ensures that traders can safely maintain their transactions. Such kind of tools appears to be a useful resource where cryptocurrency transactions are done anonymously and often targeted for illicit attacks.
Ciara Sun, VP of global business at Huobi Group, explained the functionality of the new tool:
“Star Atlas is an on-chain monitoring tool to monitor cryptocurrency transactions to identify and detect crimes like fraud, money, laundry and other problematic activities.”
Ciara Sun, continued:
“It’s estimated that only a small percentage of cryptocurrency transactions are illicit, but any incident—regardless of size—is a stain on the entire industry. As one of the most active crypto exchanges on the market, we see it as our responsibility to take a leading role in preventing the minority of bad actors from ruining it for the vast majority that follows the rules.”
Huobi Group further added that it is currently working on attaining licenses such that the tool complies with the local KYC and anti-money laundering (AML) requirements.