Binance establishes an alert system for suspicious transactions
Binance, the most popular cryptocurrency exchange house in the world, seeks to calm government regulators around the world by installing new technologies to detect suspicious trading activity
Binance confirmed that it has incorporated into its system a property compliance software called Know Your Transaction (KYT), developed by Chainalysis. The program uses pattern recognition, algorithms and open source references to issue live alerts if it decides that a certain cryptocurrency transaction is suspicious.
Chainalysis was known for its pivotal role in tracking down those responsible for the Mt. Gox scandal. This led the company to work jointly with the FBI, the IRS and the DEA to track down evildoers in the crypto world.
The alliance of Binance does not surprise the experts of the community, especially after what happened with Tether, the favorite stablecoin.
For their part, Binance’s competitors are also interested in developing their own solutions to help move the regulating entities of the transparency and legality of their undertakings.
These types of initiatives are mainly aimed at convincing institutional investors of the legitimacy of their business, something that can be very beneficial for the long-awaited reversal in the value of Bitcoin and the adoption of cryptocurrencies in general.
L.Sáenz
Source: Coincrispy
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