Bittrex Introduces Chainalysis Tool for Tracking Suspicious Transactions

Bittrex, the U.S. cryptocurrency exchange, has implemented Chainalysis blockchain startup software for marking suspicious transactions in real-time Chainalysis KYT, CoinDesk reports.

The system alerts you to potentially illegal transactions in 15 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, ERC20 tokens and stablecoins.

In June, the FATF Anti-Money Laundering Development Group tightened regulation on the cryptocurrency industry. The organization demanded that bitcoin exchanges and other cryptocurrency service providers exchange data of participants in the transaction. The FATF took regulators and business a year to implement the rules.

A Bittrex spokesman said the exchange is complying with these requirements, but Chainalysis KYT provides additional features through an in-built database of suspicious addresses.

“Getting real-time information on which we can make decisions about risks is not available to traditional financial institutions,” the representative of the exchange added.

Earlier, IN Chainalysis KYT has involved kriptovalyutnaya Exchange Binance.

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