Binance Partners With Chainalysis, Adopts New Surveillance Software

  • Paul Hackley
    📰 News

    Binance partnered with Chainalysis to implement new software capable of detecting suspicious transactions. Software, Chainalysis KYT uses pattern recognition

Binance Partners With Chainalysis, Adopts New Surveillance Software

On Wednesday, Oct. 17, Binance announced in a press release it had partnered with Chainalysis to implement new software capable of detecting suspicious transactions.

“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users,” said Jonathan Levin, co-founder of Chainalysis.

The new compliance software, Chainalysis KYT (“Know Your Transaction”) uses pattern recognition, proprietary algorithms and “millions of open source references” to identify and alert about suspicious activity.

“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth,” said Wei Zhou, CFO at Binance.

Cover image via u.today
Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Paul Hackley is a journalist and essayist, focusing on blockchain and cryptocurrencies, with a strong interest in the future of the technology.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings