Digital asset trading platform Bittrex will now use Chainalysis and its Know Your Transaction (KYT) platform. The company will thus meet new and existing regulatory and compliance standards, and establish a safer, more secure platform for their users.
Chainalysis KYT will cover Bitcoin, ETH, bitcoin cash, litecoin, dai, Gemini, among other cryptocurrencies traded on Bittrex. Chainalysis will help Bittrex quickly understand a user’s risk profile immediately. This is by monitoring large volumes of cryptocurrency activity and identifying high-risk transactions on a continuous basis.
Bittrex’s business will get a great deal of help from Chainalysis. This is because of the latter’s ability to provide real-time transaction monitoring solutions across the greatest number of cryptocurrencies available. The trading firm’s team also participated in rigorous training by Chainalysis, which provided advanced techniques in risk management workflow.
Jonathan Levin, Chainalysis’ chief security officer said the key to supporting a large exchange like Bittrex is building features that enable them to automate their compliance process. It will also prioritize their workflow, and customize their alerts to speed up how fast they can do due diligence.
In June, Bittrex announced it will block 32 crypto assets for US-based users. The users received an email that guided them on what they can and cannot do with such tokens before the change came into effect as per the source.