Robinhood partners with Crypto tracing firm Chainalysis to use its data and compliance tools for its online crypto trading service, according to a report by Coindesk on Monday.
- In a blog post, Chainalysis disclosed that Robinhood uses the software to meet compliance requirements and keep accounts safe.
- Robinhood will utilize Chainalysis KYT to detect any risky and illicit transactions on a real-time basis and Chainalysis Reactor to assist with due diligence into possible suspicious activity.
- US cryptocurrency exchange expects to make its long-awaited crypto wallet available to all customers starting early 2022. The wallets have a waitlist of over 1.6 million.
- As the market penetration of cryptocurrency continues to grow, there is rising attention toward regulatory compliance standards.
Ben Einstein, head of partnerships at Robinhood Crypto, stated that Chainalysis works with regulators to develop industry best practices. That model aligns with Robinhood’s push to work with policymakers in a collaborative way. HOOD down -4.35%