Coinbase Deploys Intelligence Services for Crypto Compliance
- Coinbase launches new tools for law enforcers and regulators.
- The tools include advanced tracking and tracing facilities.
"Coinbase Intelligence," a package of tools delivering crypto compliance solutions for companies, financial institutions, law enforcement agencies, and anybody new to digital assets, has been released by Coinbase.
“Coinbase Intelligence is our growing suite of products dedicated to crypto compliance that are designed to help secure the crypto economy from bad actors. As part of this suite, we are introducing a new product, Coinbase Know Your Transaction (KYT), and providing an update of our existing product, Coinbase Analytics,” the company wrote in its announcement.
Advanced tools to improve security
Coinbase Know Your Transaction (KYT) and an improved version of Coinbase Analytics, dubbed Coinbase Tracer, are among the new features available.
Based on its patented risk score algorithm, KYT is a transaction screening tool that will assist cryptocurrency firms in proactively managing risks. It has API connectivity, which allows for real-time transaction monitoring.
KYT intends to provide a barrier against fraudulent and unlawful transactions as authorities' concerns about them develop. Users will be notified whenever the risk profiles of transactions or participants change, which is especially important when it comes to money laundering. This is to guarantee that hazards are identified and controlled before they become a problem.
According to the announcement, Coinbase Analytics, which governments and fraud investigation organizations have widely used, will now be known as Coinbase Tracer.
It will now track the activity of real-world entities to generate risk rankings and warnings on crypto assets and transactions in the revised edition.
The goal, according to Coinbase, is to minimize fraud across the board by demystifying counterparty risks.
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