CoinField Integrates Chainalysis KYT Surveillance Tool to Fight Money Laundering | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
European-based cryptocurrency exchange platform, Coin Field, partnered with blockchain analysis startup, Chainalysis, to integrate the Chainalysis Know-Your-Customer (KYT) surveillance tool to monitor crypto transactions. Meanwhile, the coming of the AMLD5 into effect means that crypto exchanges in Europe would be faced with more compliance requirements.
CoinField Keen on Combating Money Laundering
Chainalysis announced the news of the collaboration via a press release on PR Newswire on Thursday, February 20, 2020. According to the announcement, the Chainalysis KYT compliance tool will help the crypto exchange monitor transactions on its platform in real-time.
A statement from Jason Bond of Chainalysis reads:
“CoinField’s mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains. 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.”
Furthermore, the surveillance software will flag down suspicious transactions across major virtual currencies including bitcoin (BTC), litecoin (LTC), ether (ETH), among others. With the Chainalysis KYT tool, CoinField can track and combat illegal activities such as money laundering on its platform.
The Chief Compliance Officer at CoinField, Roberto Valdes, said:
“Chainalysis KYT enables us to monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously.