Coinbase Introduces Crypto Compliance Tools for Businesses, Law Enforcement Agencies 

Coinbase Introduces Crypto Compliance Tools for Businesses, Law Enforcement Agencies 

Coinbase has unveiled “Coinbase Intelligence,” a set of tools offering crypto compliance solutions for businesses, financial institutions, law enforcement agencies, and all those who are new to digital assets. 

“Coinbase Intelligence is our growing suite of products dedicated to crypto compliance that are designed to help secure the crypto economy from bad actors. As part of this suite, we are introducing a new product, Coinbase Know Your Transaction (KYT), and providing an update of our existing product, Coinbase Analytics,” the company said in a statement on April 28.

Coinbase Know Your Transaction and Tracer

Under the new set of tools, the company has launched Coinbase Know Your Transaction (KYT) and an updated version of Coinbase Analytics that will now be known as Coinbase Tracer.

KYT is a transaction screening tool that will help crypto businesses proactively manage risks, based on its proprietary risk scoring system. It comes ready with API integration allowing real-time monitoring of transactions. 

As the concern of regulators about fictitious and illegal transactions grows, KYT aims to provide a safeguard against such transactions and bad actors. Users will get alerts if there is any change in risk profiles of transactions or participants, particularly on money laundering-related issues. This is to ensure risks are proactively managed. 

Coinbase Analytics which has been widely in use by governments and fraud investigation agencies will now be known as Coinbase Tracer, the statement said. In the updated version, it will now track the activities of real-world entities to provide risk scores and alerts on crypto assets and transactions. The objective is to reduce fraud across the board by demystifying counterparty risks, Coinbase said in its statement.

New Tools Draws on Coinbase’s Experience

The NYSE-listed Coinbase, present in over 100 markets globally, said it has substantial exposure to the fast-changing global regulatory environment. Through its new tools, it wants to ensure that everyone safely participates in the crypto business. 

“Experiencing the challenges of crypto compliance firsthand has pushed our teams to build a product we’re confident offering to other scaled organizations,” the company said in its statement. 

Coinbase and Changing Regulatory Environment

Last month, in compliance with new regulations, Coinbase informed its customers in Japan, Canada, and Singapore that they need to provide additional information such as name and address for sending digital assets to another financial institution or crypto exchange. 

Early this month, Coinbase had to suspend the “deposit” option three days after its launch in India. At the time of its launch, Coinbase said that Indian investors can deposit in Indian currency through Unified Payments Interface (UPI). But the regulators declined the instant retail payments service to the exchange, citing a lack of regulatory support for cryptocurrencies in the country. 


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