Chainalysis, the blockchain analysis company, announced an extension of its partnership with Upbit, the South Korea-based digital asset exchange, to provide support across the broader Asia Pacific (APAC) region. In addition to Upbit Korea, Upbit APAC will also use Chainalysis KYT (Know Your Transaction) to ensure safe, secure trading experiences for all of its users as digital asset and cryptocurrency exchanges work to ramp up compliance procedures around the world.
Read More:Â Remitly Partners With Alipay to Offer International Remittances
By working with Chainalysis and enhancing its compliance practices, Upbit is aligned with the recently rolled out regulations in Korea, where it has its largest exchange business. Upbit is also positioning itself ahead of the regulatory curve in jurisdictions like Singapore, Indonesia, and Thailand where its business is expanding and where enforcement of guidelines from the Financial Action Task Force (FATF) are imminent.
“As digital asset and cryptocurrency use in Asia Pacific continues to grow, incorporating proper AML and KYC requirements is a vital step for all cryptocurrency exchanges in the region,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “Upbit is setting a strong example for other exchanges in the region and is a strategic partner to us as we expand our presence there.”
Read More:Â Celsius Network and Prime Trust partner to secure depositors funds and offer low-cost credit
