THELOGICALINDIAN - New blockchain analytics capabilities to addition Paxfuls reputation
Blockchain assay aggregation Chainalysis has appear a affiliation with Paxful to addition the Bitcoin marketplace’s KYC acquiescence efforts.
Chainalysis’ Dim View of P2P Exchanges
For Chainalysis, peer-to-peer (P2P) cryptocurrency exchanges accept consistently been labeled as risky, because abounding are decentralized and generally do not crave users to set up an account.
Paxful, however, set a new antecedent for P2P exchanges by absorption on best acquiescence and Know Your Customer (KYC) standards, active Chainalysis to advance its action and appraise P2P exchanges on a case-by-case base afore labeling them as risky.
In this way, Chainalysis now investigates P2P exchanges in the aforementioned address as it does centralized cryptocurrency exchanges.
“Compliance is the key agency for establishing assurance in cryptocurrency exchanges,” said John Dempsey, VP Product, Chainalysis. “By adopting a case-by-case access to evaluating P2P venues, we are allowance to augment assurance and accuracy beyond the cryptocurrency ecosystem.”
Paxful Sets Compliance Benchmark
Paxful, the global, P2P Bitcoin marketplace, uses Chainalysis KYT (Know Your Transaction) to adviser cryptocurrency affairs in real-time and Chainalysis Reactor to body investigations back it detects apprehensive activity.
Together, these accoutrement amplify Paxful’s acquiescence ability and set a new acquiescence criterion for P2P cryptocurrency exchanges globally.
According to Chainalysis’ Chief Revenue Officer, Jason Bonds:
“Paxful adapted the way that we anticipate about P2P exchanges. Their acquiescence standards, complete with real-time transaction monitoring, set a new bar for P2P exchanges globally.”
Through its assignment with Chainalysis, Paxful is well-equipped to advance new controls for chump protection, including blocking approachable affairs to high-risk addresses affiliated to alarm financing, accustomed addresses, adolescent corruption websites, and baseborn acclaim agenda platforms. As Paxful continues to complete added accident assessments in the advancing months, its acquiescence capabilities will abide to expand.
By leveraging Chainalysis KYT, cryptocurrency businesses like Paxful can adviser ample volumes of cryptocurrency action and analyze high-risk affairs on a connected basis.
Real-time alerts on the accomplished accident activity, accompanying with added due diligence, acquiesce acquiescence teams to focus on the best burning activity, bigger admeasure assets to accomplish acquiescence behavior and accomplish their authoritative obligations to address apprehensive activity.
Chainalysis Reactor assists cryptocurrency businesses including Paxful to added investigate apprehensive affairs and accommodate added abundant advertisement to authorities on bent action such as fraud, extortion, and money laundering on the blockchain.
