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BitMEX To Prevent Illicit Transactions With Chainanalysis

CryptoNewsZ


BitMEX announced their decision to strengthen their existing long-term partnership with Chainanalysis by integrating their crypto trading services with the company’s  KYT (Know Your Transaction) screening capabilities.

Doing so would help BitMEX to enhance the security of their platform for their customers and help them to adhere to the compliance protocols. BitMEX would be able to identify, investigate, and prevent unauthorized transactions happening on their platform with the help of Chainanalysis’s innovative technology, KYT.

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KYT technology will boost the money laundering detection capability of BitMEX by monitoring, detecting, and identifying suspicious activities and spurious transactions.

Malcolm Wright commented,

Malcolm Wright commented
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Co-founder and Chief Strategy Officer of Chainanalysis, Jonathan Levin, also expressed his opinion on this partnership by saying that 100x has taken a necessary step towards enhancing its compliance functions that Chainanalysis would help them achieve by improving their ability to detect and stop illicit transactions on BitMEX’s platform.

BitMEX is the next-gen Bitcoin trading platform with 100x leverage. Crypto traders can trade on this platform without worrying about expiry dates, delays, and security breach incidents.

Chainanalysis is a globalized blockchain analysis company working in liaison with government agencies, fintech organizations, cybersecurity companies, and several crypto exchanges. It is a blockchain intelligence provider whose current aim is to make cryptocurrency platforms more safe and secure.

They specialize in furnishing data, provide software & services, and also conduct research for their clients and partners in more than 50 countries.