Bittrex to Use Chainalysis KYT Tool to Enhance Compliance Standards

Bittrex a US-based cryptocurrency exchange is implementing Chainalysis know your transaction (KYT) tool to spot high-risk transactions.

Chainalysis is the blockchain analysis company helping government agencies, exchanges, and financial institutions across 40 countries. Furthermore, they help their clients with the use of investigation and compliance tools, education, and support create transparency across blockchains.

Standards for compliance

Chainalysis Inc. announced in a press release on Sept. 26 the deployment of its real-time transaction monitoring solution to Bittrex. Moreover, Bittrex’s compliance team also participated in a thorough training by Chainalysis to enhance techniques in risk management workflow.

Bill Shihara (Bittrex CEO) commented on the recent implementation of Chainalysis KYT Tool:

“As our business continues to grow, having a thorough and reliable transaction monitoring system in place is crucial in demonstrating our commitment to compliance. […] Chainalysis KYT is an important tool in having an effective anti-money laundering program by helping us prevent, detect, and address unlawful behavior.”