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Upbit extends partnership with Chainalysis to improve compliance

April 24, 2020

Chainalysis today announced the expansion of its collaboration with the South Korean cryptocurrency exchange Upbit.with the aim of Support for blockchain analysis in the Asia-Pacific region (APAC).

According to the announcement, Upbit APAC will use Chainalysis KYT (Know-Your-Transaction) to provide a secure trading environment and follow the procedures established in the various countries in the region.

As South Korean regulation oversees Upbit Korea’s operations, cryptocurrency exchanges are hoping to do more and more.

Strengthen compliance

Upbit extends partnership with Chainalysis to improve complianceUpbit extends partnership with Chainalysis to improve compliance

Chainalysis KYT is a crypto money laundering (AML) product with more than 275 customers in 40 countries. Monitor transactions in real time and detects suspicious activity that could be related to crime.

In addition to improving compliance in South Korea, Upbit’s partnership with Chainalysis, according to Upbit, is positioned in front of the legal framework in countries such as Thailand, Indonesia and Singapore, in which the business is to be expanded.

Jason Bonds, Head of Revenue at Chainalysis, commented on the issue as follows:

“As the use of digital and cryptocurrency resources continues to grow in Asia and the Pacific, incorporating appropriate anti-money laundering requirements is a critical step for all cryptocurrency exchanges in the region.”

Upbits expansion plans in the APAC region

Upbit also hopes to comply with the forthcoming application of the International Financial Action Task Force (FATF) guidelines.. Alex Kim, CEO of Upbit APAC, praised the expansion of the club and commented:

“As more markets around the world adopt new regulations, it was vital for us to find a compliance partner who could work with us as we expand our digital asset business to new markets.”

The news comes after Cointelegraph reported about it in February Upbit announced the continued ban on foreign users withdrawing their money due to tax and Know Your Customer (KYC) issues.

The exchange named the KYC rules and cryptocurrency tax in Korea as the two main reasons for the restriction.

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