Chainalysis Adds Real-Time Transaction Monitoring for 4 More Cryptos

Blockchain compliance startup Chainalysis has added support for Binance’s native token BNB and three stablecoins to its transaction monitoring tool.

AccessTimeIconApr 24, 2019 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 9:06 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Blockchain compliance startup Chainalysis has added four more cryptocurrencies to its real-time transaction monitoring tool.

The newly supported coins are Binance’s native token Binance Coin (BNB) and three stablecoins – Gemini dollar (GUSD), Tether (USDT) and Circle's USD Coin (USDC) – Chainalysis said Wednesday.

“As a New York trust company, we are required to monitor transactions onto and off of our platform," said crypto exchange Gemini’s chief compliance officer, Michael Breu. "Automated solutions like Chainalysis help us fulfill our regulatory obligations.”

The additions mean Chainalysis' anti-money laundering compliance solution, Chainalysis KYT (Know Your Transaction), now supports a total of 10 cryptocurrencies. The solution already supported six cryptocurrencies: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), litecoin (LTC) and the stablecoins TrustToken's TrueUSD and Paxos Standard (PAX).

The support of additional cryptocurrencies comes in anticipation of regulatory guidance from the Financial Action Task Force (FATF), a global money-laundering watchdog, which will provide clarity on how cryptocurrencies should be regulated over 180 countries, Chainalysis said.

The startup's co-founder and chief operating officer, Jonathan Levin, told CoinDesk:

“Chainalysis is prepared to equip businesses with automated transaction monitoring for currencies beyond bitcoin. We expect that the launch of these multiple currency capabilities will help shape FATF guidance on the sector and help move away from technically infeasible solutions to more pragmatic recommendations.”

With Chainalysis having recently rebuilt its technology to scale and support more blockchains, the firm will be able to add new cryptocurrencies more quickly, Levin added in the announcement.

The startup's blockchain investigation tool, Chainalysis Reactor, now also supports the same 10 cryptocurrencies, which it says represent 85 percent of the top 25 coins by trading volume.

Just last week, Chainalysis published a public comment letter in response to a draft recommendation by the FATF, saying that it is unrealistic and potentially harmful for the crypto industry to expect exchange platforms to send know-your-customer (KYC) information to recipient platforms with every transaction.

Founded in 2014, the firm recently raised a total of $36 million in a multi-stage Series B funding backed by notable investors, including Japan’s largest bank Mitsubishi UFJ Financial Group (MUFG) and venture capital firm Accel Partners.

Magnifying glass image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.