Tether Partners With Chainalysis To Boost Compliance and Monitor Sanctioned Addresses

Stablecoin issuer Tether is working with blockchain analytics firm Chainalysis to develop a solution to monitor transactions involving entities other than those directly buying and selling USDT.

Tether said in a statement: To tell A customizable solution for monitoring secondary market activity enhances understanding and monitoring of the USDT market.

The company says compliance professionals and investigators can use the platform as a resource to identify wallets that pose a risk or may be associated with illegally authorized addresses.

Tether added that the platform’s suite of tools includes ‘Sanctions Monitoring’, which lists addresses and transactions related to sanctioned entities, and ‘Categorizations’, which allows USDT holders to be categorized by type.

The solution also includes a “Maximum Wallet Analysis” tool that provides an in-depth look at important USDT holders and their activities, and an “Illegal Transfer Detection Tool” that helps identify transactions that may be related to illegal categories. Masu.

Tether CEO Paolo Ardoino said:

“Our collaboration with Chainalysis is a pivotal step in our continued efforts to establish transparency and security within the crypto industry.”

The development would be something like this report In January, the United Nations Office on Drugs and Crime (UNODC) issued a statement stating that money launderers and fraudsters in East and Southeast Asia prefer to use Tether’s USDT for illegal activities.

Blockchain intelligence company TRM Labs also report USDT was the most used dollar-pegged token for illegal transactions in 2023.

Tether previously said Cooperation with law enforcement agencies and USDT oversight make stablecoins an impractical option for illegal transactions.

Never miss a beat – Subscribe to get email alerts delivered straight to your inbox

Check price action

follow me X, Facebook and telegram

Surf the Daily Hoddle Mix


Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/art.disini/WindAwake

Related Article


Leave a Comment