Based on research partially funded by the US Department of Homeland Security, CipherTrace claims that the company has created a new generation of visualization tools for tracking Monero.
CipherTrace, the world’s leading company dedicated to ensuring compliance with the requirements imposed on cryptocurrencies, has released advanced visualization tools for tracking Monero by government and financial institutions.
Based on the results of research partially funded by the Department of Homeland Security’s Office of Science and Technology, CipherTrace now occupies a leading position in the field of cryptocurrency intelligence thanks to the implementation of Monero tracking capabilities. CipherTrace takes Monero’s tracking capabilities to a new level, allowing you to track the flow of funds in the opposite direction from the transaction of interest to its source. New improvements allow the company’s customers to prepare detailed visual reports, thereby better tracking suspicious actions. CipherTrace has applied for two patents in the US for Monero tracking technology.
We are very pleased that we can support our clients representing financial and government institutions, allowing them to track the sources of Monero transactions and improve reporting. The availability of such an advanced Monero tracking system increases the viability of confidential coins in the long term, ensuring that regulators, as well as exchanges and over-the-counter branches, as well as other providers of services related to virtual assets, will be able to meet global anti-money laundering requirements while continuing to conduct Monero transactions.says Dave Jevans, CEO of CipherTrace
Tracking Monero transactions is a serious problem for many organizations.said Carol Van Cleef, Chairman and head of the Blockchain and Digital Asset Development division at Bradley Arant Boult Cummings LLP
The unique CipherTrace technology and new improvements in visualization methods for tracking Monero transactions are a big step for cryptocurrency exchanges and financial institutions that need greater transparency of Monero transactions, as they work hard to manage the risks associated with money laundering, which is practiced in the case of confidential coins. However, the users can hide their traces using Monero tumbler.
The cost of the Monero transaction source tracking tool starts at $ 16,000 per user per year for existing licensed CipherTrace users and selected clients and agencies.