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3 Australian Businesses Tap Chainalysis to Monitor Risky Cryptocurrency Activity

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Aeon Flux
Published on:
26 August 2020
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Aug 25, 2020 at 10:00 UTCUpdated Aug 25, 2020 at 13:13 UTC

Chainalysis said better enforcement of AML/KYC rules and more informed regulation around the crypto space can help mitigate the number of scams and illicit activities conducted using cryptocurrencies in its new crime report. (Image via CoinDesk archives)

(CoinDesk archives)

Several Australian companies have turned to products from blockchain forensics firm Chainalysis in a bid to improve their regulatory compliance and reduce risks for users.

  • Announced Tuesday, Australian cryptocurrency exchanges Coinjar and Coinspot will utilize Chainalysis’ KYT (Know Your Transaction) and Reactor applications to monitor for high-risk activity.
  • Coinspot CEO Russell Wilson said customer protection from bad actors was a “top priority” and that he supported moves to promote trust and compliance across the crypto industry.
  • Meanwhile, Australia-based payments provider Assembly Payments will utilize Chainalysis’ Kryptos product, a type of industry reference directory, to review profiles of crypto businesses leveraging know-your-customer verification details.
  • Chainalysis Chief Revenue Officer Jason Bonds said Australia was a “key component” of the firm’s aim to improve global trust and compliance practices in the crypto market.
  • According to Chainalysis, Australian crypto trading volumes in 2020 have risen significantly to around $1 billion in monthly activity, doubling the previous year’s monthly recorded volumes.
  • Chainalysis was recently contacted by the Federal Bureau of Investigation and other U.S. government agencies for an investigation into the notorious Twitter hack that used high-profile accounts to promote a well-worn bitcoin scam.

See also: Crypto Tracer Chainalysis Raises $13M as It ‘Doubles Down’ on Government Ties

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