On August 24, in a press release shared with The Chain Bulletin, Chainalysis, a leading blockchain analysis company providing compliance and investigation software, announced its partnership with Australia-based payments provider Assembly Payments and cryptocurrency exchanges CoinSpot and CoinJar.
According to the announcement, the exchange platforms will use Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor for transaction monitoring and enhanced due diligence to protect customers from dishonest actors and create a safe environment for trading.
“By leveraging the same dataset and suite of solutions trusted by regulators, law enforcement and payments providers in Australia, we feel confident that we are providing our customers with the best and safest possible platform to transact,” said Asher Tan, CEO of CoinJar.
CoinJar is the longest-running digital currency exchange in Australia, while CoinSpot is a trade platform that allows users to buy and sell more than 100 cryptocurrencies. As reported by Chainalysis, cryptocurrency trading volume in Australia is now hovering around the $1 billion monthly mark, reinforcing the increasing importance of proper compliance.
“Ensuring we have as many measures in place to protect CoinSpot customers from bad actors in the industry is a top priority for our business. We are strongly in support of promoting trust and compliance across the eco-system. Access to these data facilities is yet another instrument that enables CoinSpot to provide industry leading customer service and security as Australia’s most trusted exchange.” said Russell Wilson, CEO of CoinSpot.
In addition to the two exchanges, and after expanding their AML services and proving their reliability on the international cryptocurrency scene, Chainalysis will also aid Assembly Payments, a major Australian payments provider and leader in setting compliance standards. The help will be provided by Chainalysis Kryptos, the industry’s reference directory for cryptocurrency services and their on-chain activity. Using the directory, Assembly Payments will be able to safely monitor risky activities and ensure that other blockchain businesses they work with enable proper compliance.
“We work closely with international cryptocurrency exchanges that are targeting growth markets such as Australia”, said Rimal Gokani, Co-CEO of Assembly Payments. “We are committed to helping them uphold coin provenance requirements and to working with regulators and industry participants that strive for cryptocurrency mainstream adoption.”