Huobi Global Launches Blockchain Analytics Tool ‘Star Atlas’ to Curb ‘Bad Actors'

In a bid to win back trust, Huobi has announced the launch of its brand new analytics tool dubbed 'Star Atlas' - But the community wonders how will the tool be used.

  • Huobi announced the launch of a new intelligence analytics tool that would help flag illegal transactions.
  • They have now joined the ranks of other firms like Cyphertrace and Chainalysis who have also developed such tools.
  • US agencies forked out over $10 million for access to such tools.

Reports have surfaced that Huobi has unveiled a new Blockchain analytics tool. Following an announcement on April 13th, Huobi's new tool – Star Atlas – would aid in the process of cracking down on bad actors that have tarnished their name.

Notably, in the recently released crypto money laundering report by Chainalysis, they seem to indicate that Huobi was frequented by bad actors. These same entities accounted for nearly a quarter of the illegal $2.8 billion in Bitcoin transactions flowing through the exchange. Only Binance was ranked higher in the report.

According to the VP of Global Business, Ciara Sun highlighted the company's intention of leveraging the analytics tool to monitor cryptocurrency transactions.

This would help the company flag crimes like fraud and money laundering, as well as blocking accounts linked to the activity, thereby restricting access to funds in the account. This will be followed up by a compliance officer who will be assigned the flagged transaction.

“It's estimated that only a small percentage of cryptocurrency transactions are illicit, but any incident – regardless of size – is a stain on the entire industry”

They were, however, not keen on explaining the exact parameters of which they deemed a transaction as illicit. Raising concerns over how such a system could avoid being subject to abuse.

Re-entry to US markets?

The strategic launch has come just days after Huobi announced their planned reentry to the US markets following the shutdown of Huobi US (HBUS) just five months ago citing regulatory crunches.

They're reportedly in talks to acquire a minority stake of an undisclosed US-based partner to help mitigate their local regulations woes.

Huobi has been the latest arrival to the US-sphere that is basically leveraged by various financial watchdogs. Players currently in the sphere include Cyphertrace and Chainalysis.

It was reported back in September 2019, US agencies: FBI and IRS had forked out more than $10 million for access to such tools.

The exchange has highlighted that it's working with regulators across borders to get the necessary certifications to ensure it's in full regulatory compliance with AML, CTF requirements and local Know Your Customer (KYC) protocols.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today