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.
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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.
