Huobi Group has developed an analytics tool for scrutinising illegal transactions conducted via blockchain-based cryptocurrencies.
The Star Atlas tool is capable of real-time tracking of on-chain asset flows, abetting the detection of illicit transactions.
“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, Huobi Group’s VP of Global Business, in a press release.
“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.”
Huobi said it’s cooperating with regulators in multiple jurisdictions to both obtain licenses and achieve compliance with know-your-customer and anti-money laundering requirements.