Chainalysis announced the news in press release published on Friday, May 29th. Under the terms of this expansion, Zebpay will use Chainalysis KYT and for transaction monitoring and compliance processes and Chainalysis Reactor for enhanced due diligence and investigations in India.
According to Chainalysis, the expansion to India with Zebpay is to make the exchange compliant with the new regulatory developments regarding cryptocurrencies in the country.
Zebpay has already strong ties with Manhattan-based blockchain analysis firm. Zebpay is using Chainalysis transaction monitoring and crypto compliance software in its homeland, Singapore.
Chainalysis provides investigation and compliance tools, education, and support to government agencies, exchanges, and financial institutions across 40 countries. The firm to create transparency across blockchain space so that the customers can engage with cryptocurrencies with confidence.
Chainalysis said that by leveraging its Know-Your-Transaction (KYT) solution, crypto-focused business like Zebpay can monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis. Real-time alerts enables compliance teams to take immediate steps to stop bad actors from accomplishing their financial crimes.
Chainalysis Rector solution assists cryptocurrency businesses to further investigate suspicious transactions and provide more detailed reporting on criminal activity such as fraud, extortion, and money laundering on the blockchain.
The recent move by Chainalysis and Zebpay is to bring these measure to India, which is expected to become a new home for cryptocurrencies after lifting ban on cryptocurrencies.
Jason Bonds, Chief Revenue Officer at Chainalysis, commented:
“While there are still steps that need to be taken to strengthen cryptocurrency regulation in India, exchanges like Zebpay that implement robust compliance and investigative software will be well-equipped for future developments. We believe India is poised to make advancements for the cryptocurrency industry, and look forward to growing our business there. We are excited to partner with ZebPay during such a historic time.”
Zebpay is a crypto exchange and wallet that has been in the business since 2014 with exchanges in India, Singapore, and Australia. The exchange claims to have achieved the mark of over 3 million users and $2 Billion in fiat transactions.
Avinash Shekhar, president of ZebPay, said:
“We wanted to build a best-in-class compliance program in India from the start. We already knew the power of Chainalysis KYT’s automated compliance features and Chainalysis Reactor’s advanced investigative capabilities from our work with them in other markets, and we know Chainalysis will set us up for successful expansion in India.”