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 an internet ceremony on 15 December 2020.
Cylynx supplies an AI-based automated blockchain monitoring platform that helps cryptocurrency exchanges and regulators display screen cryptocurrency transactions towards public info (similar to opposed 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 info to hint the supply of funds and the place they’ve moved over time. Connections to red-flagged blockchain addresses – similar to 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 – can be labelled as a doubtlessly suspicious transaction. Crypto exchanges that combine their transaction monitoring programs with the Cylynx database will obtain these alerts after they happen.
“The knowledge and analytics supplied on Blocklynx shall be a transparent profit to VASPs [virtual asset service providers] trying to adjust to incoming AML/CTF necessities,” mentioned one decide 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 business as an entire.”
Blocklynx is at the moment 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 achieve detailed insights into the identities of the counterparties and whether or not they’re linked to suspicious actions. Simply this 12 months, an estimated USD 60 billion has been transferred between darkish internet sites and cryptocurrency exchanges, based on 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 firms, authorized and consulting companies, exchanges and different gamers which have helped meet the challenges of the ever-changing and more and more complicated regulatory panorama in Asia Pacific. Every year, submissions are diligently evaluated and award winners chosen by a panel of business consultants serving as judges.
For a full checklist 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.