Chainalysis, the blockchain analysis company, today announced partnerships with leading Australia-based 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.
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, a leading Australian payments provider, is a leader in setting compliance standards, and requires its customers to demonstrate their commitment to compliance as well.
"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."
“Ensuring we have as many measures in place to protect CoinSpot customers from bad actors in the industry is a top priority for our business. We are strongly in support of promoting trust and compliance across the eco-system. Access to these data facilities is yet another instrument that enables CoinSpot to provide industry leading customer service and security as Australia’s most trusted exchange.” said Russell Wilson, CEO, CoinSpot.
“By leveraging the same dataset and suite of solutions trusted by regulators, law enforcement and payments providers in Australia, we feel confident that we are providing our customers with the best and safest possible platform to transact,” said Asher Tan, CEO, CoinJar.
“At Chainalysis, we are always striving toward improving trust and compliance practices in the cryptocurrency market on a global-scale, and Australia is a key component to our mission,” said Jason Bonds, Chief Revenue Officer, Chainalysis.
Chainalysis works with cryptocurrency businesses, regulators, law enforcement, and financial institutions across the Asia Pacific region. By integrating with Chainalysis, cryptocurrency businesses in Australia help satisfy global and local regulatory requirements.