Chainalysis is providing the compliance solution for LINE’s up and coming cryptocurrency exchange, BITBOX.
The move comes in anticipation of global regulatory guidance for cryptocurrencies and social and messaging applications. Regulators are on the rise and the Financial Action Task Force (FATF), an inter-governmental body charged with setting global standards for anti-money laundering and combatting the financing of terrorism, is set to release a guidance paper this month.
“By adopting Chainalysis KYT, BITBOX will provide safe and secure trading experiences while demonstrating our commitment to compliance.”Youngsu Ko, CEO of LINE Tech Plus and LINE
The move may also come in anticipation of all the regulators that are stepping up after Facebook released its Libra White-Paper and Test-Net to the public. Regulators and Finance officials worldwide have been outspoken about the limitations and guidelines that should be imposed on Facebook’s new cryptocurrency, Libra.
Chainalysis offers cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses as they work together to fight illicit cryptocurrency activity. Backed by Accel, Benchmark and other leading names in venture capital, Chainalysis builds trust in blockchains.
About LINE Corporation
Based in Japan, LINE Corporation is dedicated to the mission of “Closing the Distance,” bringing together information, services, and people. The LINE messaging app launched in June 2011 and since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more.
Based in Singapore, BITBOX is a digital asset exchange operated by LINE Tech Plus, under both LVC Corporation and LINE Corporation. Launched on July 16, 2018, BITBOX focuses on providing a user-centered experience through first-rate customer support, along with the highest levels of security and transparency.