CoinField Taps Chainalysis for Cryptocurrency Compliance Solution
Chainalysis, the blockchain analysis company, has partnered with CoinField to provide the cryptocurrency exchange with an Anti-Money Laundering compliance solution. CoinField will use Chainalysis KYT(Know-Your-Transaction) software to detect and prevent money laundering and illicit activity in real-time across multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ether, and many others. Additionally, CoinField will use Chainalysis Reactor to conduct further investigations into suspicious activity.
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“CoinField’s mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “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.”
CoinField will use the integrated software solution to monitor volumes and identify high-risk transactions continually and in real-time. The compliance tool also allows CoinField to trace transactions on different blockchains and provides a graphical mapping of cryptocurrency transaction flow.
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CoinField takes combating illicit criminal use of cryptocurrencies very seriously. Chainalysis monitors and evaluates each cryptocurrency transaction in real time and provides in-depth insight into the origin of each cryptocurrency transaction. Proprietary analysis techniques enable Chainalysis to create highly accurate and customized alerts for transactions that violate risk typologies.
“Chainalysis KYT enables us to monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously. Chainalysis’s compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices. It will provide safe and easy monitoring while demonstrating our commitment to compliance. At the same time, I feel safe that a group of experts is working to improve their products for the benefit of their clients,” said Roberto Valdes, Chief Compliance Officer (AML), CoinField.