CipherTrace Announces Enhanced Monero Tracing Capabilities For Government Agencies And Financial Institutions

By AIT News Desk On Aug 16, 2021

Based on research funded partially by the U.S. Department of Homeland Security, CipherTrace offers next-generation visualization tools for Monero tracing.

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The world’s leading cryptocurrency compliance company, CipherTrace, has released enhanced Monero tracing visualization tools for qualified government agencies and financial institutions.

Based on research partially funded by the Department of Homeland Security Science & Technology Directorate, CipherTrace leads the cryptocurrency intelligence field with the launch of Monero tracing capabilities. CipherTrace takes Monero tracing capabilities to the next level with the ability to follow the flow of funds backwards from the transaction of interest to its source. The new enhancements offer customers the ability to prepare detailed visual reports to better trace suspicious activities. CipherTrace has applied for two US patents for their Monero tracing technology.

“We are very pleased to be able to support our financial institution and government agency clients with source Monero tracing and better reporting,” said Dave Jevans, CipherTrace CEO. “The availability of this enhanced Monero tracing bolsters the viability of privacy coins for the long-term, assuring regulators that exchanges, OTC desks, and other virtual asset service providers will be able to comply with global Anti-Money Laundering requirements while continuing to accept Monero transactions.”

“Tracing Monero transactions has presented significant challenges for many organizations,” noted Carol Van Cleef, Chair of the Blockchain and Digital Assets Practice at Bradley Arant Boult Cummings LLP. “CipherTrace’s unique technology and new visualization enhancements for tracing Monero transactions are a big step forward for crypto exchanges and financial institutions that need more transparency into Monero transactions as they work hard to manage money laundering risks related to privacy coins.”

Pricing for source tracing of Monero transaction capabilities starts at $16,000 USD per year, per user, for existing licenced CipherTrace users at selected customers and agencies.