Korean cryptocurrency trading platform Upbit has reportedly expanded its partnership with Chainalysis, a blockchain analysis company, to provide support across the broader Asia Pacific (APAC) region. According to the duo, Upbit APAC will also use Chainalysis KYT (Know Your Transaction) to ensure safe, secure trading experiences for all of its users as digital asset and cryptocurrency exchanges work to ramp up compliance procedures around the globe.
While sharing more details about the partnership expansion, Alex Kim, CEO of Upbit APAC, stated:
“As more and more markets around the world adopt new regulations, it was vital for us to find a compliance partner that could work with us as we expand our digital asset business to new markets. With an unparalleled data set, user friendly software, and much-needed on-the-ground support here in APAC, Chainalysis was the obvious choice for us in a compliance partner.”
Chainalysis KYT, the cryptocurrency AML compliance solution, is used by over 275 customers in 40 countries to screen transactions in real-time and receive alerts on suspicious activity.
Launched in 2017, Upbeat considers itself one of the largest crypto-asset exchanges in South Korea and was named number 3 exchange int eh world by trade volume by the Blockchain Transparency Institute in December 2018 and has earned certification from international and domestic information security organizations.