Huobi Group has announced it launched the Star Atlas, an on-chain analytics tool to track illicit cryptocurrency transactions.
The tool will reportedly enhance the exchange's position on the market as one of the safest trading environments and ease regulator concerns that cryptocurrencies are easily manipulated by criminals.
Ciara Sun, VP of Global Business of Huobi Group points out that "only a small percentage of crypto transactions are illicit." However, any incident — regardless of size— is a stain on the entire industry, Sun added.
"As one of the most active crypto exchanges on the market, we see it as our responsibility to take a leading role in preventing the minority of bad actors from ruining it for the vast majority that follows the rules," she said.
Previously iHodl reported that a South Korean Bithumb cryptocurrency exchange added support for Chainalysis's solution called Chainalysis Reactor to track suspicious activity.
Last month, Huobi also launched a new commission-free trading mobile app called Huobi Lite that lets anyone trade major cryptocurrencies including bitcoin (EXANTE: Bitcoin).
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