Blockchain analytics firm Chainalysis has joined up with digital asset exchange CoinField to help with its Anti-Money Laundering, or AML, practices.
On Feb. 20 Chainalysis announced that CoinField plans to use Chainalysis technology. Keeping up with the trend of regulatory expectations and policing, CoinField said it will harness Chainalysis’ Know-Your-Transaction, or KYT, technology to keep an eye out for money laundering and other illegalities.
We take compliance seriously! We have partnered with @chainalysis to help us prevent money laundering & illicit activity. Read the press release here via @PRNewswire👇https://t.co/SBVkHgF3Pv #cryptonews #cryptocurrency #cryptoexchange — CoinField (@CoinFieldEX) February 20, 2020
The Chainalysis tech CoinField will use pertains to movements around numerous crypto assets, including Bitcoin, Litecoin, Ethereum, and others.
Chainalysis’ Chief Revenue Officer Jason Bonds said:
“We both believe compliance is critical to the mainstream adoption of cryptocurrency, and we look forward to partnering with CoinField to promote the safe use of cryptocurrencies globally,” in the announcement.
In addition to employing Chainalysis’ KYT solution, CoinField said it plans to work with the blockchain analytics company’s Chainalysis Reactor as a way to dive deeper into perspicuous situations.
Chainalysis is a significant player in the crypto and blockchain space. The organization has provided significant data into a number of crypto-related thefts in recent years.
Source: Cointelegraph.com