Cryptocurrencies

3 Australian Businesses Tap Chainalysis to Monitor Risky Cryptocurrency Activity

(CoinDesk archives)

Several Australian companies have turned to products from blockchain forensics firm Chainalysis in a bid to improve their regulatory compliance and reduce risks for users.

  • Announced Tuesday, Australian cryptocurrency exchanges Coinjar and Coinspot will utilize Chainalysis’ KYT (Know Your Transaction) and Reactor applications to monitor for high-risk activity.
  • Coinspot CEO Russell Wilson said customer protection from bad actors was a “top priority” and that he supported moves to promote trust and compliance across the crypto industry.
  • Meanwhile, Australia-based payments provider Assembly Payments will utilize Chainalysis' Kryptos product, a type of industry reference directory, to review profiles of crypto businesses leveraging know-your-customer verification details.
  • Chainalysis Chief Revenue Officer Jason Bonds said Australia was a “key component” of the firm’s aim to improve global trust and compliance practices in the crypto market.
  • According to Chainalysis, Australian crypto trading volumes in 2020 have risen significantly to around $1 billion in monthly activity, doubling the previous year’s monthly recorded volumes.
  • Chainalysis was recently contacted by the Federal Bureau of Investigation and other U.S. government agencies for an investigation into the notorious Twitter hack that used high-profile accounts to promote a well-worn bitcoin scam.

See also: Crypto Tracer Chainalysis Raises $13M as It ‘Doubles Down’ on Government Ties

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