Awards Press Release
Cylynx provides an AI-based automated blockchain monitoring platform that helps cryptocurrency exchanges and regulators screen cryptocurrency transactions against public information (such as adverse media), on-chain intelligence and source of funds attribution to derive AML/CTF risk scores.
The solution, called Blocklynx, uses an extensive database of all historical blockchain transactions and additional enriched information to trace the source of funds and where they have moved over time.
Connections to red-flagged blockchain addresses - such as those listed on OFAC's blacklist, those known to be involved in hacks or scams, and downstream addresses used to obscure the source of funds - would be labelled as a potentially suspicious transaction. Crypto exchanges that integrate their transaction monitoring systems with the Cylynx database will receive these alerts when they occur.
"The information and analytics provided on Blocklynx will be a clear benefit to VASPs [virtual asset service providers] looking to comply with incoming AML/CTF requirements," said one judge on the awards panel. "Cylynx is able to provides much needed transparency into the entities transacting on the exchanges on a daily basis. Such transparency can serve to bolster the legitimacy of the crypto industry as a whole."
Blocklynx is currently able to link about 60 percent of entities involved in blockchain transactions to specific entities or categories of entities, making it possible to gain detailed insights into the identities of the counterparties and whether they are linked to suspicious activities. Just this year, an estimated USD 60 billion has been transferred between dark web sites and cryptocurrency exchanges, according to Cylynx research.
In August 2020, Cylynx was announced as chosen as a G20 Techsprint finalist.
About the Regulation Asia Awards for Excellence 2020
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.
For a full list of the award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.