- Paolo Ardoino, Tether CEO, hails collaboration as pivotal in fostering transparency and security within the cryptocurrency landscape.
- Tether’s proactive stance extends to partnerships with 124 law enforcement agencies across 43 global jurisdictions.
Tether and Chainalysis collaborate on a tailored solution to monitor secondary market transactions. This collaboration responds to the need for enhanced oversight beyond direct Tether transactions. The system employs monitoring tools such as Sanctions Monitoring and Illicit Transfers Detector to scrutinize addresses and transactions meticulously.
Tether Enhances Compliance Measures with Chainalysis Ecosystem Monitoring Solution. Tether has collaborated with @chainalysis, the blockchain data platform to develop a customizable solution for monitoring secondary market activity.
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— Tether (@Tether_to) May 2, 2024
These tools identify sanctioned entities and categorize USDT holders, including exchanges and darknet markets. Largest Wallet Analysis examines significant USDT holders, while the Illicit Transfers Detector flags potentially illicit transactions.
“Our collaboration with Chainalysis marks a pivotal step in our ongoing commitment to establishing transparency and security within the cryptocurrency industry. […] This collaboration reinforces our proactive approach to safeguarding our ecosystem against illicit activities.”
Related: Tether’s Q1 2024 Audit Reveals Record-Breaking Profit of $4.52 Billion
Tether CEO Paolo Ardoino highlights the collaboration’s significance in promoting transparency and security in the cryptocurrency domain. Jonathan Levin, Chainalysis’s Co-Founder and Chief Strategy Officer, echoes this sentiment, praising Tether’s proactive approach.
Tether’s collaboration extends globally, partnering with 124 law enforcement agencies across 43 jurisdictions. This partnership facilitates efficient communication to combat illicit activities effectively. Tether’s commitment to responsible cryptocurrency practices sets a standard for the industry, ensuring a secure environment for legitimate transactions.
Read more: Tether Introduces New Blockchain Recovery Tool as Stablecoin Circulation Tops $100 Billion
Tether and Chainalysis’s collaboration represents vigilance and accountability. Their joint effort advances transparency and integrity, guiding stakeholders in navigating the cryptocurrency domain. Tether’s commitment to compliance and security fosters a safer ecosystem for future generations.
