For business
KYT office
Compliance solution to monitor risks, detect sanctions and ensure AML rules.
KYT office
Compliance solution to monitor risks, detect sanctions and ensure AML rules.
AML certification
How industry players can get up-to-date knowledge and professional certification.
AML certification
How industry players can get up-to-date knowledge and professional certification.
Comprehensive transaction analytics that helps to build graphs and trace funds.
Graph
Travel rule
(soon)
For personal use
Telegram bot
Bot for checking crypto for risks, providing AML reports.
Telegram bot
Bot for checking crypto for risks, providing AML reports.
Getting money back
Services are focused on tracking
and recovering crypto assets.
and recovering crypto assets.
Getting money back
Services are focused on tracking
and recovering crypto assets.
and recovering crypto assets.
Docs and reports
All types of documents related
to cryptocurrency.
to cryptocurrency.
Docs and reports
All types of documents related
to cryptocurrency.
to cryptocurrency.
Portfolio tracker
Information about all assets and risk assessment in one place.
Portfolio tracker
Information about all assets and risk assessment in one place.
AML checks
Сhecking wallets and transactions
for illicit funds.
for illicit funds.
AML checks
Сhecking wallets and transactions
for illicit funds.
for illicit funds.
AML-сертификация
Актуальные знания в области AML/KYT от ведущих экспертов отрасли.
AML-сертификация
Актуальные знания в области AML/KYT от ведущих экспертов отрасли.
Graph
Визуализация перемещения активов
и связей между кошельками.
и связей между кошельками.
Graph
Визуализация перемещения активов
и связей между кошельками.
и связей между кошельками.
KYT Office
Мониторинг транзакций и кошельков для вашего отдела комплаенса.
KYT Office
Мониторинг транзакций и кошельков для вашего отдела комплаенса.
Для себя
Для Бизнеса
Travel rule
(Cкоро)
Телеграм-бот
Бот для проверки кошельков и транзакций с выдачей отчётов.
Телеграм-бот
Бот для проверки кошельков и транзакций с выдачей отчётов.
Возврат средств
Услуги по отслеживанию и возврату украденных криптоактивов.
Возврат средств
Услуги по отслеживанию и возврату украденных криптоактивов.
AML-проверки
Проверка кошельков и транзакций на наличие "грязной" криптовалюты.
AML-проверки
Проверка кошельков и транзакций на наличие "грязной" криптовалюты.
Портфолио трекер
Информация о всех активах и оценка рисков в одном месте.
Портфолио трекер
Информация о всех активах и оценка рисков в одном месте.
Отчёты
Все типы документов связанные
с криптовалютой.
с криптовалютой.
Отчёты
Все типы документов связанные
с криптовалютой.
с криптовалютой.
What is KYT and why does it matter?
In this article, we will explore why Know Your Transaction (KYT) is crucial for the crypto industry and how it helps ensure a secure and trustworthy environment.
Understanding KYT
KYT, or Know Your Transaction, is a process that focuses on analyzing and understanding the nature of transactions rather than solely identifying the customer. While Know Your Customer (KYC) procedures are designed to verify the identity of individuals, KYT shifts the emphasis towards studying and monitoring customer transactions and wallet activity.
Why KYT is Crucial for the Crypto Industry
KYT holds even more importance in the crypto industry compared to traditional fiat transactions. Here's why:
-
Anonymity Challenges:Cryptocurrencies offer a high level of anonymity, making them attractive to criminals. KYT helps counter this by monitoring transactions and identifying patterns associated with illicit activities, providing a crucial layer of security. - Lack of Centralized Oversight:Unlike the traditional banking system, cryptocurrencies operate in a decentralized manner. This decentralized nature makes it challenging to track and regulate transactions. KYT helps bridge this gap by providing enhanced monitoring capabilities and ensuring compliance with regulations.
- Emerging Regulatory Landscape:Governments worldwide are increasingly focusing on regulating the crypto industry. KYT plays a vital role in helping businesses comply with these evolving regulations, reducing the risk of penalties and enhancing industry legitimacy.
- Reputation and Trust:The crypto industry still faces skepticism due to past incidents of fraud and illicit activities. Implementing KYT demonstrates a commitment to transparency and security, helping to build trust among users, investors, and regulators.
BitOK’s Role in Combating Financial Crimes
BitOK empowers companies to effectively monitor and analyze transactions, identify suspicious patterns, and mitigate risks associated with illicit activities such as money laundering, fraud, drug trafficking, and corruption, etc. With BitOK’s KYT solution as a shield, the crypto industry can confidently move forward, building a stronger foundation for digital finance.
