Three Australian Businesses Knock Chainalysis to Monitor Dicey Cryptocurrency Activity

By Ritwik

More than a few Australian companies have turned to products from blockchain forensics firm Chainalysis in a bid to advance their regulatory compliance and diminish risks for users.

  • Publicized Tuesday, Australian cryptocurrency exchanges Coinjar and Coinspot will use Chainalysis’ KYT (Know Your Transaction) and Reactor applications to monitor for high-risk activity.
  • Coinspot’s CEO Russell Wilson held customer protection from bad actors was a “top priority” and that he supported passages to endorse trust and compliance across the crypto industry.
  • In the meantime, Australia-based payments provider Assembly Payments will use Chainalysis’ Kryptos product, a type of industry reference directory, to review profiles of crypto businesses leveraging know-your-customer verification specifics.
  • Chainalysis’s chief revenue officer Jason Bonds held Australia was a “key component” of the firm’s purpose to advance global trust & compliance practices in the crypto market.
  • Conferring to Chainalysis, Australian crypto trading volumes in 2020 have ascended suggestively to around 1 billion dollars in monthly activity – doubling up the preceding year’s monthly recorded volumes.
  • Chainalysis was lately contacted by the FBI and other U.S. government organizations for an investigation into the infamous Twitter hack that used high-profile accounts to endorse a well-worn bitcoin scam.

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