Bitfinex cryptocurrency exchange has integrated a solution from the analytical firm Chainalysis to combat money laundering.
According to the official press release, from now on Bitfinex can monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis.
Peter Warrack Chief Compliance Officer at Bitfinex claims Chainalysis’s solution is in line with Bitfinex's commitment to prevent dishonest players from entering the platform while protecting user privacy.
"The technology from Chainalysis allows you to identify suspicious activity when working with cryptocurrencies and prevent it. The company uses pattern determination mechanisms, algorithms, and millions of records in open databases to “identify and categorize thousands of cryptocurrency services into categories in order to send real-time alerts about transactions involving suspicious activities," Warrack added.
Chainalysis services for monitoring suspicious transactions are already being used by exchanges such as Binance and Bittrex. The company also collaborates with Barclays Bank, the U.S. Securities and Exchange Commission (SEC) and other organizations.
Earlier iHodl reported that Bitfinex added a new feature that allows users to deposit/withdraw funds in bitcoins through the Lightning Network.
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