Chainalysis wraps Binance compliance project

Chainalysis has completed a global roll-out of its KYT (“Know Your Transaction”) compliance solution with cryptocurrency exchange Binance.

“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users,” says Jonathan Levin, Co-Founder and COO of Chainalysis.

“We expect many to follow Binance’s lead to build world-class AML compliance programmes to satisfy regulators globally and build trust with major financial institutions.”

“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth,” says Wei Zhou, CFO at Binance.

“Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.”

Series A funding

In April, Chainalysis secured $16 million in Series A funding led by Benchmark. It will use the cash to deploy its KYT solution and expand its coverage of cryptocurrencies. The venture currently serves over 150 cryptocurrency businesses, financial institutions and government agencies.