Chainalysis to Provide Compliance Tools for Robinhood Crypto Wallet Launch

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Chainalysis, a blockchain data platform company, will provide the data and tools that the Robinhood stock trading platform needs to launch its crypto portfolio.

Robinhood said it will use Chainalysis’s compliance monitoring solution, survey software and certification programs to meet regulatory requirements. The crypto wallet is expected to be made available to all Robinhood users in early 2022, Cointelegraph reported on Monday.

Robinhood added that the wallet will support the deposit and withdrawal of Bitcoin, Ether, Dogecoin, and other tokens.

Ben Einstein, head of partnerships for Robinhood’s crypto division, said Chainalysis shares his company’s commitment to work closely with regulators and law enforcement.

Founded in 2014, Chainalysis is a blockchain analytics company that has worked with private companies and government agencies to track legitimate cryptocurrency transactions.

In September, the Treasury Department’s Office of Foreign Assets Control cited a report by Chainalysis when it imposed sanctions on Russia-based cryptocurrency broker Suex.

Chainalysis said it found evidence that Suex moved hundreds of millions of dollars in Bitcoin, Ether, and Tether from illicit and high-risk sources.

In Bitcoin alone, Suex transferred over $ 160 million for ransomware players, crooks and darknet market operators, Chainalysis reported.

CoinDesk, a digital currency news site, reported that Chainalysis was the leading blockchain analytics company in 2019, eclipsing other competitors in the nascent blockchain monitoring industry in terms of government contracts.

Chainalysis has landed contracts with the FBI, Drug Enforcement Agency, Immigration and Customs Enforcement, Securities and Exchange Commission, Commodity Futures Trading Commission, Financial Crimes Enforcement Network, Internal Revenue Service, U.S. Secret Service, Transportation Security Agency, and Air Force, CoinDesk reported. .

Chainalysis will sponsor the next Potomac Officers Club “Digital Currency and National Security Forum”. The event will be held virtually on January 27, 2022. The forum will feature National Cyber ​​Security Director Chris Inglis and executives from Peraton, Google Cloud, Microstrategy and K2 Integrity.

Posted on December 13, 2021 by Robert Johnson

Category: Cybersecurity

Tags: Ben Einstein blockchain blockchain monitoring Chainalysis Chris Inglis CoinDesk Cointelegraph cryptocurrency Treasury Department government contractor Robinhood Suex

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