Coinbase Intelligence Aims To Bring Compliance In Crypto Space
Leading crypto exchange Coinbase has announced a new line of products to match global crypto regulations and prevent illegal transactions from happening.
The new initiative, called Coinbase Intelligence, introduces new tools to address the compliance needs of financial institutions, crypto businesses, law enforcement agencies, and corporations new to crypto.
Coinbase Intelligence is our growing suite of products dedicated to crypto compliance that are designed to help secure the crypto economy from bad actors. As part of this suite, we are introducing a new product, Coinbase Know Your Transaction (KYT) and providing an update of our existing product, Coinbase Analytics.
Coinbase Analytics, which was originally an internal tool used to leverage first-party transactions data has now been renamed Coinbase Tracer. Coinbase Tracer will now be offered to other institutions to help them reduce fraud and keep track of how funds are moving.
Coinbase listed some of the Coinbase Tracer key features:
– Link activity to real-world entities and visualize the flow of funds using public attribution data
– Reduce fraud, demystify counterparty risk, and help flag AML risks with sophisticated risk scores and alerts
– Identify action points for intervention with seamless integrations with other case management tools and transaction monitoring systems
– Utilize product capabilities designed in partnership with our world-class investigations team
Coinbase Analytics initially got started through an acquisition of a company that drew criticism because the founders were involved with an Italian spyware firm. Coinbase later parted ways with the team. A year after the acquisition, the company drew negative attention again for wanting to sell blockchain analysis software to the US government. The firm ultimately cut deals with several US agencies.
