Huobi Deploys Proprietary Transaction Monitoring Tool
Huobi Group, parent company of Huobi cryptocurrency exchange, announced Monday that it launched its proprietary on-chain transaction monitoring and analytics tool.
Star Atlas is a monitoring tool that will help the cryptocurrency exchange to improve its KYC and AML compliance with regulators.
Ciara Sun, Vice President of the global business at Huobi Group said that while only a few cryptocurrency transactions are considered illegal, any incident, regardless of its size, is a serious problem for the industry. We see it as our responsibility, being one of the largest crypto exchanges on market, to prevent the few bad actors from ruining the industry for the vast majority of those who follow the rules.
In a press release, Finance Magnates stated that the monitoring tool will identify high-risk transactions and will proactively detect fraud, money laundering, or other illicit activities.
Star Atlas will alert you to suspicious transactions by using a variety of techniques, including event correlation analysis and identity authentication.
Take your business in-house
In the crypto world, there was always a high demand for tools that can analyze blockchain transactions. Although companies such as Chainlink and Chainalysis have gained a lot of reputation, the exchanges are now focusing on developing their own solutions.
Bitfinex just last month launched a like market surveillance tool, even though it was receiving Chainalysis’ services.
Star Atlas is a tool that we are proud of because it encompasses and maintains our most important core values. Sun said that we have strong security on our platforms and put safety first for users. Our platform also makes every effort to offer a safe, secure trading environment for users.”