Bithumb and Chainalysis Join Following New South Korea Crypto Regulations
Chainalysis, the blockchain analytic company, announced the successful deployment of its investigations solution, Chainalysis Reactor, with Bithumb Exchange. The announcement follows the South Korean National Assembly’s vote last week in favor of amending the Special Financial Transactions Information Act.
The Chainalysis Reactor is an investigation software linking crypto transactions to real-world entities. The feature allows crypto businesses and law enforcement agencies to tackle criminal activities, including fraud and money laundering on the blockchain.
In this case, Bithumb will use Chainalysis Reactor to investigate suspicious activities on its platform. The Chainalysis reactor will also allow Bithumb to develop a more secure, robust platform for its users.
Bithumb and Chainalysis Views on the Partnership
Jason Bonds, the Chief Revenue Officer of Chainalysis, said that the company does its best to help clients investigate all kinds of illicit activities and also establish long-term regulatory compliance. Bonds also noted that as crypto use in South Korea grows, new crypto regulations will make blockchain analysis solutions like Chainalysis crucial for compliance.
On the other hand, Sung Mi Lee, Bithumb’s Head of Compliance, admitted that they are confident to partner with Chainalysis, considering that it is the leading investigation, software, and professional guidance industry.