Chainalysis extends its partnership with Upbit

Chainalysis has recently announced the extension of its partnership with the Upbit crypto exchange. By doing this, Chainalysis aims to provide blockchain analysis support across the Asia-Pacific region (APAC). 

Upbit APAC will use Chainalysis KYT (Know-Your-Transaction) to provide a secure trading environment and comply with the established procedures in different countries of the region, as per the announcement. Chainalysis KYT is a crypto anti-money laundering (AML) product, which has more than 275 clients in 40 countries. It monitors transactions in real-time and helps in detecting suspicious activities.

According to Upbit, its partnership with Chainalysis positions itself ahead of the regulatory frameworks for countries where it is planning to expand its business, including Thailand, Indonesia and Singapore. Jason Bonds, chief revenue officer at Chainalysis, said:

As digital asset and cryptocurrency use in Asia Pacific continues to grow, incorporating proper AML and KYC requirements is a vital step for all cryptocurrency exchanges in the region.

Upbit is also planning to comply with the upcoming enforcement of guidelines from the Financial Action Task Force (FATF). Alex Kim, CEO of Upbit APAC, praised the partnership’s extension and said:

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