US-based Chainalysis has announced a partnership extension with South Korea-based crypto exchange Upbit to provide blockchain analysis support across APAC.
Upbit will start using Chainalysis’ KYT (know your transaction) service to provide a safe trading environment and comply with the established procedures in the region’s different countries. Chainalysis KYT is a crypto anti-money laundering product that monitors transactions in real-time and detects suspicious activity that might be related to crime.
Upbit’s partnership with Chainalysis positions itself ahead of the regulatory frameworks for countries like Thailand, Indonesia, and Singapore. Upbit also hopes to comply with the impending enforcement of guidelines from the Financial Action Task Force (FATF).