Crypto analytics firm CipherTrace launches tool for KYC compliance

posted 11 months ago
CipherTrace unveiled its answer to how to securely share information about customers under new global regulatory guidelines. The BTC blockchain analytics firm published its final white paper and open source software for wallet providers and crypto exchanges to comply with the Financial Action Task Force (FATF)’s “travel rule.” FATF regulators claim to require exchanges and wallet providers to pass each other information about customers when transferring cryptocurrency. Opponents of the recommendation had claimed implementing such a rule would be “onerous” at best.

CiperTrace said their “Travel Rule Information Sharing Architecture” (TRISA) would allow exchanges and wallet providers to share payment details and confidentially exchange customer know-your-customer (KYC) information, going on to say “While this rule may cause some consternation with respect to privacy because these exchanges are exchanging their data, they’re going to have to do that… What we’re starting to see is compliance used as a competitive advantage.”
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