April 28, CipherTrace launches Fleet, a product designed to eliminate risky cryptocurrency blind spots for banks and financial institutions.

Unlike other products by CipherTrace and many similar products by its competitors, Armada focuses on the off-concatenation information instead of on-chain data. It tin can piece of work in tandem with banks' existing monitoring tools:

"To identify transactions with virtual asset service providers (VASPs), including those with weak KYC or operating as unregistered money service businesses (MSBs)."

The printing release further says that with the release of Fleet, CipherTrace aims to provide:

"Critical visibility into risky cryptocurrency blind spots so know your customer (KYC) processes can detect and perform due diligence on virtual asset service providers (VASPs)."

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In a statement to Cointelegraph, John Jefferies, chief financial analyst for CipherTrace, emphasized that his company has the near authentic data:

"CipherTrace has the most accurate information attribution coverage tying real-earth entities to crypto addresses, enabling Armada to link banking data and billing descriptors to entities, which is a big differentiator from competitors considering it is critical for transaction matching."

Co-ordinate to the visitor's printing release, Armada can conduct KYC to determine VASPs and unregistered MSBs, enable "enhanced due diligence of high-risk virtual asset payments," and find counterparty risk associated with hundreds of such businesses. CipherTrace'due south database contains over 500 businesses involved in virtual asset transactions.

Jefferies elaborated on how CipherTrace defines "loftier-take chances virtual payments":

"Risky entities include sanctioned entities, known criminal activities and thefts, night markets, higher-run a risk exchanges, HYIP scams, malware, ransomware, and mixers."

CipherTrace works against dictators

This news comes days afterwards Andreas Antonopoulos accused companies similar CipherTrace of helping: "The globe's worst dictators and regimes, either direct or indirectly, with information that violates the civil rights of millions of people."

Responding to Antonopoulos' accusations, Jefferies stated that CipherTrace'due south products aim to disrupt dictators and oppressive regimes:

"CipherTrace helps banks and other financial institutions comply with international sanctions, anti-terrorist financing regulations, and AML standards. This type of work is what prevents dictators and oppressive regimes from continuing to fund weapons programs and other subversive enterprises."

For Bitcoin (BTC) to gain wider adoption within the mainstream economic system, information technology will be pressured to accommodate to the mainstream regulation, which will elicit the wrath of privacy advocates similar Antonopoulos. Only fourth dimension will tell which side of the debate will prevail.