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Tether adds compliance tool from Chainalysis to track suspicious transactions

Tether adds compliance tool from Chainalysis to track suspicious transactions

Stablecoins issuer Tether had added a compliance tool from blockchain evaluation agency Chainalysis to track suspicious transactions in “real-time.”

Chainalysis’ Know Your Transaction (KYT) software program has been built-in with Tether to monitor transactions and “quickly understand the risk profile of each token holder,” in accordance to an announcement Wednesday. The tool will search for probably felony or in any other case illicit exercise.  

“This solution allows us to ensure a secure compliance program that fosters trust with regulators, law enforcement agencies and users,” mentioned Paolo Ardoino, CTO of Tether. “This is achieved with out sharing our consumer’s figuring out data, as such knowledge is simply stored on our servers.”

Tether and its sister agency Bitfinex have been accused of manipulating the bitcoin market and concealing illicit proceeds. In response to these allegations, Tether lately mentioned: “It is reckless – and utterly false – to assert that Tether tokens are issued in order to enable illicit activity.” 

Tether’s stablecoin USDT is at present reside on six blockchains – Ethereum, EOS, TRON, Omni, Liquid Network and Algorand. The issuer additionally provides stablecoins tied to gold (XAUT), euro (EURT) and offshore Chinese yuan (CNHT). 

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