Tether strengthens compliance efforts with Chainalysis ecosystem monitoring solution
May 2, 2024 – Tether, the largest digital asset industry, has collaborated with Chainalysis, a blockchain data platform, to develop a customizable solution to monitor secondary market activity.
Secondary market activity refers to transactions that take place within the broader ecosystem using USDT (Tether’s stablecoin), beyond the limited entities that buy and sell USDT directly from Tether. This solution created by Chainalies will enable Tether to systematically monitor transactions, increasing the understanding and monitoring of the USDT market. It also serves as a proactive source of information for Tether compliance professionals and investigators to identify wallets that may pose a risk or that may be associated with illegal or sanctioned addresses. You will be able to identify it.
Key components of this solution include a comprehensive suite of monitoring and analysis tools. These include Sanctions Monitoring, which provides a detailed list of addresses and transactions involving sanctioned entities, and Classification, which allows for a complete breakdown of USDT holders by type, including exchanges and darknet markets. It will be.
It also provides maximum wallet analysis, which provides an in-depth look at major USDT holders and their activities, and illicit transfer detection capabilities, which are essential for identifying transactions that may be related to illicit categories such as terrorist financing. Masu.
Paolo Ardoino, CEO of Tether, said: Tether is committed to maintaining the highest standards of integrity, and this collaboration strengthens our proactive approach to protecting our ecosystem from illegal activity. ”
“Tether’s proactive efforts to monitor the secondary market for USDT, the world’s most popular cryptocurrency, has the potential to transform the entire ecosystem and make it a safer place to trade.” said Jonathan Levin, co-founder and chief strategy officer of Chainalysis. “Cryptocurrencies are transparent, and using that transparency to partner with law enforcement to freeze criminal funds is the best way to stop their use for terrorism, fraud, and other illegal activities.”
Tether is working to actively combat illegal activity across the industry. We work with 124 law enforcement agencies across 43 jurisdictions around the world, facilitating efficient communication and data exchange to combat illegal activity. Tether’s strict enforcement of compliance measures and swift action against abuse of USDT demonstrate Tether’s dedication to responsible cryptocurrency practices, setting safety benchmarks in the industry, and ensuring a safer environment for all participants involved. This highlights our efforts.
