Chainalysis, Cross River partner in cryptocurrency due diligence

Chainalysis, a blockchain data platform, is partnering with Cross River, a closely held bank that provides technology infrastructure for financial services, to provide regulatory compliance tools for cryptocurrency companies. Cross River will use Chainalysis' range of risk management solutions to conduct due diligence and detect and investigate suspicious activity, in addition to its compliance functions. The tech-driven financial services firm will use Chainalysis KYT real-time transaction monitoring solution for compliance; Reactor investigations software; and Kryptos risk management software for financial institutions. "Crypto is going to be part of our daily lives, and it’s our responsibility to help the world of financial services stay current with the new technologies," said Luca Cosentino, head of digital assets at Cross River. Regulatory compliance is becoming more urgent for cryptocurrency platforms. Last month (Feb. 17), SEC Chair Gary Gensler said the agency will pursue crypto platforms operating outside of the regulatory framework.