South Korean Bithumb cryptocurrency exchange has announced it added support for Chainalysis's solution called Chainalysis Reactor.
The integrated tool will reportedly help in tracking suspicious activity.
Back in August 2019, under the Financial Services Commission (FSC), the Financial Intelligence Unit (FIU) in the Republic of South Korea revealed a plan to regulate cryptocurrency exchanges' activities.
Given the increasing number of hacker attacks that cryptocurrency exchanges suffered in the past year, the Republic of South Korea is particularly inclined to pass measures that improve transparency, an official press release states.
Chainalysis Chief Revenue Officer Jason Bonds says new regulations such as this will make blockchain analysis solutions like Chainalysis "vital" for compliance.
"We have had a presence in the South Korean market for over three years and are continuing to invest to ensure we provide top-notch, on-the-ground support for our customers," Bonds said.
Previously iHodl reported that Tether integrated Chainalysis' Know Your Transaction technology to track transactions in a real-time manner.
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