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.
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