Singapore/Hong Kong, 15 December 2020 – Cylynx has been recognised as ‘One to Watch’ in Blockchain Transaction Monitoring within the third Regulation Asia Awards for Excellence 2020 in a web based ceremony on 15 December 2020.
Cylynx supplies an AI-based automated blockchain monitoring platform that helps cryptocurrency exchanges and regulators display cryptocurrency transactions towards public data (resembling hostile media), on-chain intelligence and supply of funds attribution to derive AML/CTF threat scores.
The answer, known as Blocklynx, makes use of an intensive database of all historic blockchain transactions and extra enriched data to hint the supply of funds and the place they’ve moved over time. Connections to red-flagged blockchain addresses – resembling these listed on OFAC’s blacklist, these identified to be concerned in hacks or scams, and downstream addresses used to obscure the supply of funds – could be labelled as a doubtlessly suspicious transaction. Crypto exchanges that combine their transaction monitoring techniques with the Cylynx database will obtain these alerts after they happen.
“The data and analytics offered on Blocklynx can be a transparent profit to VASPs [virtual asset service providers] seeking to adjust to incoming AML/CTF necessities,” stated one choose on the awards panel. “Cylynx is ready to supplies a lot wanted transparency into the entities transacting on the exchanges each day. Such transparency can serve to bolster the legitimacy of the crypto trade as an entire.”
Blocklynx is at present in a position to hyperlink about 60 p.c of entities concerned in blockchain transactions to particular entities or classes of entities, making it attainable to realize detailed insights into the identities of the counterparties and whether or not they’re linked to suspicious actions. Simply this yr, an estimated USD 60 billion has been transferred between darkish websites and cryptocurrency exchanges, in line with Cylynx analysis.
In August 2020, Cylynx was introduced as chosen as a G20 Techsprint finalist.
In regards to the Regulation Asia Awards for Excellence 2020
The Regulation Asia Awards for Excellence recognises monetary establishments, expertise corporations, authorized and consulting corporations, exchanges and different gamers which have helped meet the challenges of the ever-changing and more and more complicated regulatory panorama in Asia Pacific. Annually, submissions are diligently evaluated and award winners chosen by a panel of trade specialists serving as judges.
For a full record of the award winners, go to www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the main supply for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, together with regulatory our bodies, exchanges, banks, asset managers and repair suppliers, Regulation Asia performs a key position in shaping the regulatory agenda.