The analytics firm Chainalysis announced the opening of two new offices in Tokyo and Singapore to expand its business in the Asia-Pacific region.
#KuCoin hack is yet another ex that crypto exchanges, law enforcement & financial institutions all over the world need investigations & compliance tools. We’re thrilled to announce new offices in #Singapore & #Tokyo to better service customers in #APAC. https://t.co/UJceZcHnR4
— Chainalysis (@chainalysis) September 28, 2020
The firm noted that, according to a recently published report, East Asia is the world's largest cryptocurrency market. In the period from June 2019 to July 2020, the region accounted for 31% of all cryptocurrency transactions.
Chainalysis already works with more than 60 local clients from private and public sectors. Among them are the 100x Group, the BitMEX holding company, Crypto.com and Algorand.
“The adoption of cryptocurrencies — in particular, stablecoins — is rapidly growing, and regulations are being introduced in the region. It’s time for industry players and financial institutions to make decisions on regulatory compliance as regulators and law enforcement focus on this evolving class of assets,” said Jason Bonds, Chainalysis’ Chief Revenue Officer.
In a tweet, the company noted that the recent hack of the KuCoin bitcoin exchange showed why trading platforms, law enforcement and financial institutions need tools for investigations and regulatory compliance.
The analyst estimated KuCoin's damage at $280 million, not $150 million as the platform claimed.
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