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Chainalysis Acquires Transpose to Bolster Blockchain Data Infrastructure and Accelerate Towards an On-Chain Future

by Blockchain NewsMay 30, 2023

Chainalysis, the leading blockchain data and analytics provider, announced the acquisition of Transpose, a prominent blockchain data and infrastructure firm. This move positions Chainalysis to bolster its capabilities and further its vision of a future dominated by on-chain transactions.

Transpose is known for simplifying the building of applications using web3 data, facilitating smooth user experiences, powering wallet applications, and enabling detailed analysis of financial activity. Their services have also been instrumental in fulfilling tax and compliance requirements.

Chainalysis, a firm believer in blockchain’s potential to revolutionize value exchange in the same way the internet changed information exchange, sees this acquisition as a strategic move towards that future. There’s a growing trend amongst companies and developers to move away from complicated data systems, which rely on unreliable node services or incomplete data providers. In this light, Transpose’s offerings hold significant promise, with their fast, flexible, and dependable APIs providing access to precise historical and real-time blockchain data.

The inclusion of Transpose’s technology and team is expected to fast-track Chainalysis’s roadmap, strengthening its standing as the most trusted, scalable, and straightforward source of web3 data and apps in the industry.

With the acquisition, Chainalysis extends a warm welcome to Transpose, and looks forward to collaborating with their combined customers and partners to work toward a more efficient and transparent financial system

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Crypto Exchange bitFlyer Implements Travel Rule for Crypto Asset Transfers

by Blockchain NewsMay 30, 2023

BitFlyer, a leading Japanese crypto asset exchange operator, announced the implementation of new regulations known as the travel rule, aimed at preventing criminal activities and enhancing security in the crypto industry. The company made this announcement on March 23, 2023, in line with updates to the Act on Prevention of Transfer of Criminal Proceeds and other relevant regulations.

Effective from Tuesday, May 30, 2023, around 15:00 JST, bitFlyer will begin implementing the travel rule for all corporate and individual customers who send and receive crypto assets through their services. The company will use the Travel Rule Universal Solution Technology (TRUST) to facilitate compliance with these regulations.

Currently, bitFlyer supports the travel rule solution for several crypto assets, including Bitcoin (BTC), Ethereum (ETH), and ERC-20 tokens such as BAT, LINK, MATIC, MKR, SHIB, and PLT. However, as of May 30, 2023, only the sending and receiving of BTC will be possible between bitFlyer and Coincheck. The availability of sending and receiving ETH and ERC-20 tokens will depend on the completion of Coincheck’s development.

Under the new regulations, customers can send crypto assets to exchange operators that can send and receive the legally required information notifications through TRUST. In Japan, the designated exchange operator is Coincheck, while outside Japan, customers can refer to the list of TRUST-compatible players provided on the Coinbase website. Additionally, customers can also send crypto assets to private wallets like MetaMask, which are not managed by exchange operators.

However, it should be noted that sending crypto assets to exchange operators registered with authorities in Japan or other legally designated countries and regions that cannot send and receive the legally required information notifications through TRUST is not supported.

BitFlyer emphasizes the importance of receiving crypto assets in compliance with the travel rule. Upon receiving crypto assets on their platform, bitFlyer will verify the notification information and may contact customers via email if clarification or additional information is required. Customers are advised to allocate sufficient time for the confirmation process and respond promptly to any communication from bitFlyer.

BitFlyer also mentions its commitment to improving customer convenience and may expand the travel rule solutions based on the practices of other crypto asset exchange operators. This implies that the methods for handling supported crypto asset transfers may be subject to change in the future.

The travel rule, a requirement put forth by the Financial Action Task Force (FATF) to combat money laundering and terrorist financing, mandates that exchange operators providing crypto asset transfers must provide specific information about the sender and recipient to the receiving exchange operator.

BitFlyer, as a crypto asset exchange operator and a type-1 financial instruments business, is dedicated to the development of the crypto asset and web3 industries. The company aims to provide a secure environment for customers to trade crypto assets and contribute to the further advancement of the crypto industry.

Customers are encouraged to refer to the provided references and resources for additional information about the travel rule, including the Japan Virtual and Crypto Assets Exchange Association (JVCEA) and the Financial Services Agency (FSA).

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Tagged : Bitflyer / FINANCIAL SERVICES AGENCY / News / Travel Rule

Worldcoin Emerges as Largest Deployer of Safe Wallets on Polygon Blockchain, Onboards 1.2 Million Self-Custodial Safe Smart Accounts

by Blockchain NewsMay 30, 2023

Worldcoin, the cryptocurrency project led by Tools for Humanity, has achieved significant milestones in its mission to drive adoption and empower users within the blockchain space. As reported on their official Twitter account, World App has emerged as the largest deployer of Safe wallets on the Polygon(Matic) blockchain. This achievement highlights the platform’s dedication to facilitating secure and self-custodial transactions.

Additionally, a tweet from Worldcoin states that they have successfully onboarded an impressive 1.2 million self-custodial Safe Smart Accounts, further solidifying their position as a key player in the blockchain industry. By providing users with a safe and reliable platform, Worldcoin aims to enhance accessibility and foster trust in decentralized finance.

In another tweet, Worldcoin invites followers to explore their blog post, which focuses on composability within the World App ecosystem. The blog sheds light on the protocols powering Worldcoin’s first wallet and provides valuable insights into the platform’s innovative approach to decentralized finance.

Furthermore, Tools for Humanity, the parent company of Worldcoin, recently announced a noteworthy achievement in fundraising. On May 25, 2023, the company successfully raised $115 million from investors. This influx of capital is expected to fuel the continued development and expansion of Worldcoin’s offerings, allowing them to further solidify their presence within the cryptocurrency landscape.

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Tagged : Matic / News / Polygon / SAFE SMART ACCOUNTS / SAFE WALLETS / Worldcoin

Crypto Exchange BKEX Halts Withdrawals Amid Money Laundering Investigation

by Blockchain NewsMay 30, 2023

In a surprise announcement on May 29, 2023, BKEX, one of the major cryptocurrency exchanges, has temporarily suspended user withdrawals due to alleged involvement in money laundering activities. The company is currently assisting police in their investigations, taking this step as a precautionary measure to support the law enforcement’s evidence-gathering process.

The exchange has reportedly been cooperative with regulatory agencies involved in the investigation, pledging to do everything within its power to return to normal operations as swiftly and smoothly as possible. BKEX has highlighted its commitment to protecting user rights throughout this ordeal.

In the official statement, the BKEX team emphasized their active cooperation with relevant authorities to resolve the issues at hand. They underscored that their primary concern is to ensure the maximum protection of user rights during this turbulent period.

While no details of the suspected money laundering activities have been provided at this point, this development sends ripples throughout the global crypto market. BKEX is renowned for its customer service and dedication to transparency, and it intends to maintain these standards during this investigation. The platform promises to keep its users updated on the situation and provide support to those who require assistance.

Users of the platform are urged to get in touch with BKEX’s customer service team should they encounter any issues or need help during this period. The team has expressed its gratitude for the users’ understanding and support during this trying time. It reiterated that the platform’s primary goal is to protect the interests of its users and that every effort is being made to restore normal operations.

This incident highlights the increasing need for stringent regulatory measures in the cryptocurrency industry. As digital currency transactions continue to proliferate, the necessity of implementing and enforcing robust anti-money laundering (AML) procedures becomes even more critical.

As the investigation unfolds, further updates from the BKEX team are expected, casting a spotlight on the ever-evolving landscape of cryptocurrency regulation and its implications for users and exchanges alike.

According to Coinranking, BKEX’s 24-hour trading volume averages around $430.27 million. This figure underscores the potential far-reaching implications of the withdrawal suspension on global crypto markets. As the situation develops, the focus will undoubtedly remain on how this investigation impacts both the exchange’s operations and the wider industry.

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Tagged : Aml / Bitcoin / BKEX / News