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Robinhood Turns to Chainalysis for Data, Compliance Tools

Crypto tracing firm Chainalysis said it will provide data and compliance tools to Robinhood’s online crypto trading service, Robinhood Crypto.

Chainalysis said Robinhood (Nasdaq: HOOD) will use the software to meet compliance requirements and help keep accounts safe, the company said in a blog post Monday.

Robinhood Crypto will use Chainalysis KYT to flag “risky and illicit transactions” in real time, and Chainalysis Reactor to help with due diligence into potential suspicious activity.

Robinhood has said it expects to make its long-awaited crypto wallet available to all customers by early 2022. The wallets have a waitlist of more than 1.6 million.

As consumer access to cryptocurrency grows there is increased attention toward regulatory compliance standards.

“Chainalysis works closely with regulators and law enforcement to develop industry best practices and that approach is aligned with Robinhood’s commitment to working with policymakers in a collaborative manner,” said Ben Einstein, head of partnerships at Robinhood Crypto.

Source: Coindesk