Upbit Expands Relationship with Chainalysis Across APAC as Regulations Roll Out
Chainalysis, the blockchain analysis company, today announced an extension of its partnership with Upbit, the South Korea-based digital asset exchange, to provide support across the broader Asia Pacific (APAC) region. In addition to Upbit Korea, Upbit APAC will also 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.
By working with Chainalysis and enhancing its compliance practices, Upbit is aligned with the recently rolled out regulations in Korea, where it has its largest exchange business. Upbit is also positioning itself ahead of the regulatory curve in jurisdictions like Singapore, Indonesia, and Thailand where its business is expanding and where enforcement of guidelines from the Financial Action Task Force (FATF) are imminent.
“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,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “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.”
“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,” said Alex Kim, CEO, Upbit APAC. “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.”
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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. Jurisdictions around the world are issuing regulatory requirements to cryptocurrency businesses to step up compliance procedures. Chainalysis’ technology enables compliance teams to design a risk-based approach in handling issues such as money laundering and exposure to high-risk activities across multiple cryptocurrencies, a critical move for businesses as they expand to new markets and support new cryptocurrencies.