The startup specialized in blockchain analysis Chainalysis will deploy its monitoring solution Chainalysis KYT sure Paxful, a platform for buying and selling Bitcoin between individuals.
In a press release, Chainalysis announced that this partnership sets a new standard of compliance for peer-to-peer cryptocurrency exchanges.
Although several popular crypto exchanges, such as Binance and Bitfinex, already operate Chainalysis KYT, Paxful is indeed the first P2P platform to take advantage of the solution.
The American exchange will use Chainalysis KYT (Know Your Transaction) to monitor transactions on its platform in real time, but also Chainalysis Reactor to investigate when suspicious activity is detected.
The conformity is the key factor in building trust in cryptocurrency platforms. By adopting a case-by-case approach to assess the P2P sites, we are helping to expand transparency across the ecosystem of cryptocurrency, ”Commented John Dempsey, VP product at Chainalysis.
Thanks to the solution Chainalysis KYT, companies specializing in cryptocurrency can easily analyze activity on their service and identify risky transactions.
Supported by the Californian venture capital company Accel Partners, Chainalysis also helps banks and public organizations to fight more effectively against whitening and illegal practices in the cryptocurrency market.
In Paxful, compliance and security are at the forefront as we strive to protect the market from fraud and scammers, ”added Lana Schwartzman, chief compliance officer at Paxful.
Read also : Ripple, Chainalysis and Coinbase in the top 50 fintech 2020 of Forbes
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