Share this article
Robinhood Turns to Chainalysis for Data, Compliance Tools
Robinhood will use Chainalysis software to monitor crypto trades and meet compliance requirements as it prepares to roll out a crypto wallet.
Updated May 11, 2023, 7:09 p.m. Published Dec 13, 2021, 12:59 p.m.
Crypto tracing firm Chainalysis said it will provide data and compliance tools to Robinhood’s online crypto trading service, Robinhood Crypto.
- Robinhood (Nasdaq: HOOD) will use the software to meet compliance requirements and help keep accounts safe, Chainalysis said in a blog post Monday.
- Robinhood Crypto will use Chainalysis KYT to flag “risky and illicit transactions” in real time, and Chainalysis Reactor to help with due diligence into potential suspicious activity.
- Robinhood has said it expects to make its long-awaited crypto wallet available to all customers by early 2022. The wallets have a waitlist of more than 1.6 million.
- As consumer access to cryptocurrency grows there is increased attention toward regulatory compliance standards.
- “Chainalysis works closely with regulators and law enforcement to develop industry best practices and that approach is aligned with Robinhood’s commitment to working with policymakers in a collaborative manner,” said Ben Einstein, head of partnerships at Robinhood Crypto.
Read more: Robinhood Shares Fall as Crypto Trading Revenue Declines Sharply
More For You
Alcoa is in advanced negotiations to sell its dormant Massena East smelter in upstate New York to Bitcoin mining firm NYDIG.
알아야 할 것:
- Alcoa is in advanced negotiations to sell its dormant Massena East smelter in upstate New York to Bitcoin mining firm NYDIG, with the deal expected to finalize by mid-2026.
- Though the site stopped producing aluminum in 2014, its intact, heavy-duty electrical infrastructure and direct access to carbon-free hydropower make it...
