Chainalysis partners with Australian cryptocurrency businesses
Chainalysis, a blockchain analysis company, announced partnerships with Australian payments provider Assembly Payments and, cryptocurrency exchanges CoinSpot and CoinJar to improve compliance standards. CoinSpot and CoinJar will use Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor for transaction monitoring and enhanced due diligence. Assembly Payments will use Chainalysis Kryptos, the industry’s reference directory for cryptocurrency services and their on-chain activity, to make more informed decisions about the cryptocurrency businesses they work with and monitor risky activity.
“We work closely with international cryptocurrency exchanges that are targeting growth markets such as Australia,” said Rimal Gokani, Co-CEO, Assembly Payments. “We are committed to helping them uphold coin provenance requirements and to working with regulators and industry participants that strive for cryptocurrency mainstream adoption.”
Chainalysis data shows that cryptocurrency volumes in Australia are now hovering around $1billion dollars in monthly activity, double the monthly volumes from late 2019. The growth of the market reinforces the increasing importance of proper compliance to ensure the safe and responsible adoption of cryptocurrency by exchanges like CoinSpot and CoinJar in the region. Assembly Payments sets compliance standards and requires its customers to demonstrate their commitment to compliance as well.