[Blockchain Today Correspondent Han Ji-hye] Chainalysis, a blockchain data analysis company, announced on the 14th that it has signed a solution partnership with Coinone, a leading domestic virtual asset exchange, to comply with money laundering regulations. Through this, Coinone introduces Chainalysis’s customer transaction confirmation (KYT) solution.
Chainalysis’ KYT (Know Your Transaction) is a real-time transaction monitoring solution that can identify suspicious transactions on the blockchain to virtual asset exchanges and financial institutions. Chainalysis’s money laundering compliance (compliance) solutions are based on industry-leading proprietary data. As an important part of a comprehensive virtual asset compliance program, it enables reporting to regulators in case of suspicious transactions, along with real-time remittance blocking through pre-withdrawal pre-screening.
Coinone, which has been without security incidents for 7 consecutive years since its establishment, built an anti-money laundering solution early last year and is continuously upgrading its system and expanding its workforce. To prevent financial fraud damage, the first withdrawal is limited to 72 hours and identity verification procedures are in place, and the virtual asset deposit and withdrawal patterns and access information are constantly monitored, and an FDS system is in operation to detect suspicious transactions and abnormal transactions. We are strengthening the safety transaction regulations of the exchange, such as taking measures to restrict withdrawals on the detected cases.
Through its partnership with Chainalysis, Coinone plans to work more closely with law enforcement agencies to further strengthen investor protection against illegal activities such as virtual asset fraud.
“Chainalysis Korea is very pleased to partner with Coinone, Korea’s top virtual asset exchange,” said Baek Yong-ki, president of Chainalysis Korea. “Through cooperation with global exchanges and global law enforcement agencies, We will continue to provide a more enhanced transaction monitoring service to Coinone based on the reliable intelligence used in the
Meanwhile, Coinone’s Compliance Team leader said, “As the current revised Act on the Use and Reporting of Specific Financial Transaction Information (Special Act) focuses on anti-money laundering (AML) obligations, Coinone will be regulated through this partnership. “We will do our best to build trust with authorities, law enforcement and investors, and strengthen investor protection in the future.”
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