Chainalysis, LINE unit BITBOX in anti-money laundering partnership By Reuters


Chainalysis, LINE unit BITBOX in anti-money laundering partnership

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Chainalysis, a start-up specializing in countering money laundering and fraud in the digital currency space, has forged a partnership with BITBOX, a cryptocurrency exchange launched in July 2018, a top official of the U.S. company said on Thursday.

New York-based Chainalysis will provide anti-money laundering and transaction-monitoring services to BITBOX, said Jonathan Levin, co-founder and chief operating officer of Chainalysis.

Singapore-based BITBOX is a unit of LINE Corp, operator of LINE, Japan’s largest social networking company, with more than 700 million users. LINE is a subsidiary of South Korean internet search giant Naver Corp.

LINE’s and BITBOX’s foray into cryptocurrencies highlights a trend by social networking companies to enter this red-hot sector. Facebook Inc (NASDAQ:) on Tuesday unveiled a proposed cryptocurrency called Libra.

Telegram, a messaging service founded by Russia-born entrepreneurs Pavel and Nikolai Durov in 2013, last year launched a digital currency offering.

“We’re seeing interest from social network firms like LINE, like Telegram to really enter into payments and into the cryptocurrency industry,” Levin told Reuters in an interview.

“LINE is providing the ability to go in and out between normal and traditional currencies … and they need to be able to mitigate the risk of money laundering at the exchange point because that is the regulated entity,” he added.

The social networks’ vast user bases serve as a powerful foundation for expansion into cryptocurrency, Chainalysis said. But it added that as these companies become more involved in the space, further compliance procedures will be necessary in line with what regulators want for this industry.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Leave a Reply

Your email address will not be published. Required fields are marked *