27 September, 2019
The Bittrex cryptocurrency exchange announced the integration of a Chainalysis solution to track suspicious transactions. The product supports many assets represented on the exchange: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dai, Gemini Dollar and and other coins that are listed on the platform.
The company became highly concerned about criminal transactions especially once the Financial Action Anti-Money Laundering Development Group (FATF) had approved recommendations for the supervision of cryptocurrency exchanges.
“Having real-time information coming in from which we can make risk decisions is really an amazing step forward, and frankly one that’s not available to traditional financial institutions.” — said Chief Compliance and Ethics Officer John Roth.
Chainalysis security chapter Jonathan Levin added that the new tool will help automate the process of tracking transactions on the exchange. The software will mark potential criminal transactions, after which Bittrex employees will evaluate them manually and, if necessary, prepare reports for regulators.