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November 1, 2020
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Huobi wants to fight illegal transactions – Blocksats

April 13, Huobi (HT) Global launched Star Atlas, a special analytical tool for monitoring illegal cryptocurrency transactions that can work in tandem with similar programs.

Huobi wants to fight the illegal use of cryptocurrencies

Huobi probably wants to show in this way that he does not agree to the illegal use of cryptocurrencies on the market. Chainalysis Report 2020 State of Crypto Crime Report has previously noted that it is mainly Binance and Huobi that carry out illegal Bitcoin exchanges.

Ciara Sun, vice president of global business at Huobi Group, explained the functionality of the new tool Cointelegraph:

“Star Atlas is a chain monitoring tool to monitor cryptocurrency transactions to identify and detect crimes such as fraud, money laundering and other problematic activities.”

Although Star Atlas is a similar tool to that developed by Chainalysis, Elliptic and Ciphertrace, Sun believes it has a certain advantage.

“It’s similar, but different because Huobi has been operating as a stock exchange for almost seven years and [w skutek tego] we’ve done a lot of security research. We have never experienced a serious violation [naszego systemu] safety. So our team has very deep knowledge and documented experience, and we’ve developed all this over the past seven years. “

Cooperation with others

Huobi is considering establishing cooperation with other players in the cryptocurrency space, such as Chainalysis and CryptoCompare. According to Sun, there are numerous synergies between Huobi and other companies on the market BTC. He adds that the company has accumulated a lot of data on markets in Asia, while other stock exchanges may have more data on the West.

Sun hopes that Star Atlas will help Huobi achieve his long-term vision:

“This is the most reliable stock exchange. So I think having Star Atlas can help [w umocnieniu tego wizerunku – przyp. Bitcoin.pl]. But one of the reasons we launched it is that we want to make the wider cryptocurrency space a better place. “

This announcement also appears after it turned out that the South Korean stock exchange branch. Removes from its platform Monero (XMR) following a scandal in which cryptocurrency was allegedly used to enter into anonymous sex-related transactions.

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