Bittrex uses Chainalysis KYT to track transactions

The Bittrex cryptocurrency exchange has announced the introduction of the Chainalysis KYT solution for tracking suspicious transactions and other activity when trading on the platform.

The solution allows real-time tracking of suspicious activity on many cryptocurrency pairs, including with BTC, BCH, LTC and DAI. The introduction of KYT was a response to the increasing pressure from regulators to combat money laundering and terrorist financing.

“To be able to receive real-time information on the basis of which we can make decisions about risks is a really huge step forward. Honestly, such solutions are not available to traditional financial institutions, ”said John Roth, Head of Regulatory Compliance, Bittrex.

As the head of the security service of the exchange, Jonathan Levin, said that the solution can significantly automate the process of monitoring the trade, but you can’t do without human intervention – the security officer must personally verify the relevant transaction after receiving a notification.

“To support such a large exchange as Bittrex, the key factor is to automate the process of checking compliance with regulatory requirements, prioritize work, and configure notifications for the fastest response,” he emphasized.

Recall that, according to the research of the Blockchain Transparency Institute (BTI) research group, the Bittrex exchange is one of the sites that provide the most honest data on trading volumes.