It is revealed in a press release published on March 10 that the leading South Korean cryptocurrency exchange Bithumb has partnered with the blockchain analysis company Chainalysis in order to use its investigation solution known as Chainalysis Reactor.
The crypto exchange Bithumb wants to make its platform more secure and robust for its users. For this purpose, the exchange will make use of the investigative tool of the Chainalysis firm.
Bithumb’s head of compliance SungMi Lee says that Chainalysis is the industry-leading investigation software and we are very happy that we are embracing this investigation tool. As SungMi Lee asserted:
“By partnering with Chainalysis, we felt confident that we were choosing the industry-leading investigation software and professional guidance. We anticipate further updates following last week’s vote making it even more important for us to have support available in our local language.”
Chainalysis Reactor will help Bithumb to investigate illicit activities
Keeping in view the instructions of the Financial Services Commission (FSC) to regulate all the cryptocurrency exchanges in the country, the Bithumb exchange is using safety measures to avoid the illicit activities on the platform so that it could comply with the cryptocurrency regulations given by the FSC.
This is why the major crypto exchange Bithumb is using this investigation tool. Chainalysis Reactor will help the crypto trading platform to investigate the suspicious and illicit activities happening on the platform as a result, its trading platform will remain safe and secure.
The Chief Revenue Officer of Chainalysis Jason Bonds talked about this partnership and highlighted the importance of the Chainalysis Reactor. Jason Bonds stated:
“Chainalysis is committed to helping our customers investigate all kinds of illicit activity, including hacks and scams, and establish long-term regulatory compliance. As cryptocurrency use in South Korea continues to grow, new regulations such as this will make blockchain analysis solutions like Chainalysis vital for compliance. We have had a presence in the South Korean market for over three years and are continuing to invest to ensure we provide top-notch, on-the-ground support for our customers.”
The South Korean government prioritizes the safety of customers therefore, the government is asking for the cryptocurrency regulations in the country.