Binance will introduce the technology of tracking suspicious transactions
The largest in the world in terms of trading the crypto currency exchange has announced its intention to introduce a package of technologies aimed at monitoring suspicious transactions, developed Chainalysis.
Binance with her momentum, changing jurisdictions and exclusively cryptocurrency pairs appeared not so long ago, but has already become a household example. When talking about Aldon casino and unregulated exchanges in General, in the example usually lead it.
However, nothing lasts forever — Binance actively working on developing cryptobiotic sites, involving much more stringent requirements for AML and KYC, and, as it became known today, implements solutions for tracking suspicious transactions on your main site.
Binance technical partner was the company Chainalysis specializing in software development and research of cryptocracy. It will provide a crypto currency exchange access to the software solution, known as Know Your Transaction, allowing you to monitor transactions in real time, tracking allegedly associated with criminal activity or other suspicious transactions.
“Criminals are always looking for weaknesses in the protection systems, so we are constantly in search of new technologies and methods contributing to the fight against money laundering and other illegal activities,” said Finance Director Binance Wei Zhou.
Reported that the decision Chainalysis use algorithms that track the behavioral patterns of individual users, and use data from public databases and other available resources. If the activity of any user is suspicious, the system notifies the operator of the exchange.
Recall that Chainalysis announced the creation of a system Know Your Transaction in the spring of 2018. Then representatives of the company expressed the hope that their development will be useful as cryptomeria and conventional financial institutions quite catch experiments with cryptocurrency.