Huobi Group announced the launch of Star Atlas, a proprietary on-chain analytics tool to monitor on-chain cryptocurrency transactions for illicit activities. The new tool aims to create a safer trading environment and ease regulator concerns that cryptocurrencies are easily manipulated by criminals.
Read More:Â GlobalFintechSeries Interview with Tim Kelly, CEO & Founder at BitOoda
As a matter of policy, Huobi aligns itself with the requirements of global financial watchdogs, making all efforts to work closely with regulators to attain necessary licenses and comply with local KYC and AML requirements in every market it operates. The launch of Star Atlas underscores Huobi’s efforts to expand its security measures beyond local requirements and contribute to the fight against nefarious uses of cryptocurrencies on a global scale.
Read More:Â GlobalFintechSeries Interview with Raymond Wyand, CEO & Co-founder at gini
“It’s estimated that only a small percentage of cryptocurrency transactions are illicit, but any incident—regardless of size—is a stain on the entire industry,” said Ciara Sun, VP of Global Business of Huobi Group. “As one of the most active crypto exchanges on the market, we see it as our responsibility to take a leading role in preventing the minority of bad actors from ruining it for the vast majority that follows the rules.”
Star Atlas is a new security tool that introduces a new level of transparency to help monitor cryptocurrency transactions to identify high risk behaviors and detect crimes like fraud, money laundering, and other illicit activities. Star Atlas monitors and analyzes on-chain cryptocurrency activities in real time to identify and flag suspicious or problematic transactions for further investigation.
Anonymity is still preserved as a core value of blockchain to ensure a high degree of financial privacy for traders, but Star Atlas utilizes various on-chain monitoring techniques, such as monitoring on-chain flow of assets, event correlation analysis, identity authentication, and malicious address labeling, to single out and track illicit activities. Star Atlas also provides a visual user interface so Huobi administrators can easily trace the transaction paths of illicit activities.
Read More:Â GlobalFintechSeries Interview with Griffin McGahey, President at HC3
