In the fight against money laundering and other related fraud, Cryptocurrency Exchange and derivatives platform Huobi Group announced the launch of a new analytics tool for detecting and preventing money laundering, illegal transactions, fraud, and illegal dark web sales.
According to the company, the tool is designed to monitor financial transactions, identify and flag suspicious transactions, for which investigation needs to be done. According to Huobi, a crypto exchange company in Singapore, only a little percentage of crypto-transaction is associated with crimes. However, it is our responsibility to ensure that there is no room for illicit transaction in the virtual asset industry. Huobi emphasized working with regulators to promote compliance with KYC policy and other anti-money laundering regulations.
The company stated that the analytic tool, Star Atlas is part of its contribution to cryptocurrency-related money laundering and fraud. The analytic tool monitors all on-chain transaction and detects illicit transactions using on-chain monitoring techniques such as correlation analysis, identity verification, and malicious address labelling. Star Atlas is integrated with technical capabilities to detect abnormal behavior in real-time. Accounts flagged with suspicious transactions are then frozen for further verification.
In March, Huobi introduced a new policy to protect consumers from fast price changes; this was introduced after the black market crashed due to COVID-19 outbreak. Also, on March 30, Huobi launched perpetual swaps future contracts and termed it a means to help market traders make profit from volatility.
