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Binance Partners With Chainalysis, Adopts New Surveillance Software

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Wed, 17/10/2018 - 19:10
Binance Partners With Chainalysis, Adopts New Surveillance Software
Cover image via U.Today
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On Wednesday, Oct. 17, Binance announced in a press release it had partnered with Chainalysis to implement new software capable of detecting suspicious transactions.

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“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.

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“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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