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Chainalysis and Deloitte Partner Up for Enhanced Blockchain Tracking and Compliance

2 mins
Updated by Kyle Baird
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In Brief

  • Chainalysis and Deloitte are partnering to enhance blockchain tracking and offer specialized risk and compliance services.
  • The alliance will leverage Chainalysis' proprietary blockchain dataset and Deloitte's forensic and investigative services.
  • The partnership aims to identify and prosecute actors behind illicit activities, tracing fund flows to high-risk or sanctioned entities.
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Crypto analytics firm Chainalysis is partnering with big four accounting giant Deloitte to enhance their mutual client’s blockchain tracking capabilities. The pair will also provide public and private organizations with specialized risk, compliance, and investigations services.

On July 25, Chainalysis announced the new strategic alliance with professional services firm Deloitte. 

Crypto Compliance Services 

According to the announcement, Chainalysis and Deloitte’s shared clients will be able to leverage the Chainalysis proprietary blockchain dataset.

Deloitte will offer its services to help clients manage forensic, investigative, and compliance programs for blockchain and crypto.

Furthermore, the pair will work together on digital asset risk, analytics, investigation, anti-money laundering/know your customer (AML/KYC), and regulatory compliance. 

President and Chief Revenue Officer of Chainalysis, Thomas Stanley, commented: 

“For law enforcement agencies, regulators, and financial ecosystem players across the nation, the alliance offers new, collaborative solutions that help identify transformation gaps, accelerate mission success at enterprise scale, and mitigate risk while increasing revenue,”

Meanwhile, Deloitte’s Advisory Blockchain and Digital Asset practice lead and principal, Tim Davis, added that the alliance is another demonstration of Deloitte’s investment in its digital asset innovation ecosystem for the benefit of its clients.

Find out what other exchanges have no KYC: 13 Best No KYC Crypto Exchanges in 2023

The firm added that the partnership with Chainalysis could help “identify the actors behind the keyboard and effectively prosecute them.” Moreover, it said this includes tracing the flow of funds to high-risk or sanctioned entities.

In May, Deloitte partnered with a parachain project on the Polkadot ecosystem to enable the firm to enhance digital identification protocols. Deloitte will leverage the KILT protocol’s reusable digital identity credentials to support its KYC processes.

Earlier this year, the firm announced a partnership with web3 platform Vatom. Its aim is to provide immersive experiences to different industries, such as virtual reality for events and meetings.

KYC in the Spotlight

KYC compliance has become the norm for crypto companies wanting to come under a regulatory framework

Governments do not want people sending and receiving funds anonymously and have been actively cracking down on KYC procedures.

Furthermore, the number of crypto exchanges operating without KYC is diminishing fast. In late June, KuCoin became the latest exchange to spring KYC requirements on its customers, causing a torrent of backlash. 

The ethos of crypto is free and unhindered movement of money, but the world’s governments clearly don’t agree since the system has already been abused. 

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...