Dash (DASH) has partnered with BlockchainIntel, a blockchain-based information and analysis firm, in order to provide regulatory compliance to crypto exchanges and other crypto-related businesses.
BlockchainIntel is a solution provider for transaction monitoring, meaning it analyses transactions and evidence connecting them to any illegal activity. Based on this data, the company risks score the transactions, which gives businesses and crypto exchanges an insight into how the funds on their platform are used.
BlockchainIntel CEO Karen Hsu said that their collaboration with Dash will bring a greater expansion to the company, as well as more reliability.
The partnership will aid crypto exchanges and companies that accept crypto payments to have only legitimate transactions on their network and to remove the ones that were involved in any illegal activities.
“Our goal is to provide people, companies, and regulators a way to identify higher-risk transactions that leads to increased trust in and continued adoption of digital currencies.”-stated Hsu.
Dash chief Ryan Taylor also expressed his faith in the BlockchainIntel partnership, and the importance this new addition will have on crypto exchange integration.
“We are happy that our partner BlockchainIntel can address new exchange reporting requirements aimed at preventing money laundering and fraud. Companies such as eToroX are able to list Dash because they can provide the information regulators need using BlockchainIntel.”-added Taylor.
Cryptocurrencies have been linked or accused by regulators of being a means through which illegal activities can be funded. There have been many crypto services that have been accused of providing services to traders that used the funds in drug trafficking, terror funding or money laundering activities. However, none of this has been proven yet.
BlockchainIntel partnering with Dash will bring more legitimacy and regulatory compliance to crypto service platforms. And their timing couldn’t have been better, as the governments and regulators of the world are applying more stringent laws.
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