Bittrex, the U.S. cryptocurrency exchange, has introduced suspicious transaction tracking tools for its many supported assets from Chainalysis, CoinDesk writes.

From now on, Bittrex will track Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dai, Gemini Dollar and other cryptocurrencies transactions presented on the platform using Chainalysis KYT tools.

The implementation of the decision was preceded by tightening control over the cryptocurrency industry by regulators and authorities. In June, the Financial Anti-Money Laundering Measures Development Group (FATF) approved recommendations for the supervision of cryptocurrency exchanges and custodial service providers and gave its members 12 months to approve the provisions according to which each transaction should be identified according to its participants.

Bittrex Compliance Director John Roth said the exchange is already complying with similar requirements in the United States, and Chainalysis KYT will expand its capabilities. 

aving 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. They need to be assured that we are doing things the right way.
 

John Roth

Compliance Director, Bittrex

Chainalysis security head Jonathan Levin said that the proposed tools will largely automate the process of tracking transactions on the exchange.

The key to supporting a large exchange like Bittrex is building features that enable them to automate their compliance process, prioritize their workflow, and customize their alerts to speed up how fast they can do due diligence. 
 

Jonathan Levin
Security head, Chainalysis

The software marks transactions that may be criminal in nature, after which Bittrex employees will have to carry out their manual assessment and report to regulators in case of confirmation of fears.





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Bittrex To Implement Chainalysis' KYT Solution
Bittrex To Implement Chainalysis' KYT Solution
Bittrex To Implement Chainalysis' KYT Solution
Bittrex To Implement Chainalysis' KYT Solution

Bittrex To Implement Chainalysis' KYT Solution

Bittrex To Implement Chainalysis' KYT Solution