CoinField, a regulated European based fiat-to-crypto exchange, has partnered with blockchain analysis firm Chainalysis that will allow the exchange to take benefit of the Chainalysis world-class anti-money laundering compliance solution.
Chainalysis announced the partnership in a press release published on Thursday, February 20. According to the details, CoinField will integrate Chainalysis Know-Your-Transaction (Chainalysis KYT) software on its that will enable the exchange to detect and prevent money laundering and illicit activity in real-time across multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ether, and many others.
Chainalysis further said that the regulated European exchange will also Chainalysis Reactor, the investigation software that connects cryptocurrency transactions to real-world entities, enabling users to combat criminal activity on the blockchain.
CoinField will use the integrated AML compliance solution to track and identify high-risk transactions in real-time for number digital assets and on different blockchains.
Launched in April, an European based centralized crypto-to-fiat exchange and virtual currency wallet system supervised by Financial Intelligence Unit (FIU). The exchange offer its services in 193 countries spanning from North America, South America, Europe, Asia and beyond.
The exchange takes illicit use of cryptocurrencies seriously and strictly adheres to the requirements under the Proceeds of Crime (Money Laundering and Terrorist Financing Prevention Act (MLTFPA).
Roberto Valdes, chief compliance officer AML of CoinField, commented:
“Chainalysis KYT enables us to monitor large volumes of cryptocurrency activity and identify high-risk transactions continuously. Chainalysis’s compliance technology excels at meeting anti-money laundering requirements while also ensuring future best practices. It will provide safe and easy monitoring while demonstrating our commitment to compliance. At the same time, I feel safe that a group of experts is working to improve their products for the benefit of their clients.”
Based in New York, is a blockchain analysis company that provides provide compliance and investigation software to the world’s leading banks, businesses, and governments. The company’s KYT software is now being used by over 150 crypto businesses in more than 40 countries around the world.
As Crypto Economy reported, Chainalysis also rolled out a global compliance for Tether that allowed the company to monitor the usage of its stablecoin across its platform.
Jason Bonds, Chief Revenue Officer at Chainalysis, on recent partnership, commented:
“CoinField’s mission to make cryptocurrency more accessible globally complements our mission to build trust in blockchains. We both believe compliance is critical to the mainstream adoption of cryptocurrency, and we look forward to partnering with CoinField to promote the safe use of cryptocurrencies globally.”