In a world of increasing regulation and paranoia on money laundering or terrorist financing, the ability to track the flow of cryptographic assets has become more important than ever. CipherTrace has announced that it can offer the industry’s most comprehensive virtual asset tracking capability. Cryptocurrencies are no longer anonymous?
According to Business Wire, the company has developed a platform that enables the process of tracking virtual resources for more than 700 tokens.
Cryptocurrencies under a microscope!
In addition, the company claims that over 87 percent of the volume of the 100 largest cryptocurrencies can now be tracked. It uses its advanced algorithms for this purpose.
Dave Jevans, CEO of CipherTrace, said he wanted to help “virtual asset service providers get rid of cybercriminals and terrorist networks” so that “the market can reach the level of trust required for widespread government adoption and acceptance.
Fear of cryptocurrencies..
Governments, especially the US, seem to be extremely paranoid about the use of digital content. The main concern seems to be the fear of tax evasion, but there are still arguments about the trafficking of drugs and other illegal goods. Jevans explains:
“Until now, large areas of the cryptocurrencies ecosystem have been non-transparent for AML and CTF monitoring. By providing the most comprehensive crypto-crime technology, we are helping to create a multi-billion dollar crypto global economy.
The company’s CTO, Shannon Holland, added that it was a long road and an intensive job for the company.
Today, the company’s customers will be able to monitor the transactions they made with: BTC, BCH, ETH, ERC-20, LTC and USDT and many other tokens.
Financial Investigation Expert Pamela Clegg told the media that BTC is central to the market because of its liquidity, but billions of dollars also flow through altcoins on a daily basis.
“To close the money-laundering gaps in cryptocurrencies, we need to reveal more of the real number of illegal transactions taking place across the ecosystem. This platform [CryptTrace] is exactly what it provides, it guarantees regulators, stock exchanges and investors visibility over more than 87 percent of the trading volume in the virtual asset market.
– she said.