CoinW Enhances Security with KYA Integration
UAE,DUBAI, Nov. 29, 2023 (GLOBE NEWSWIRE) — CoinW, a leading cryptocurrency exchange, has recently completed a security upgrade for its platform. Building upon the existing Know Your Transaction (KYT) system, CoinW has integrated Know Your Address (KYA), aiming to elevate the security to new heights.
The recent upgrade involves the integration of KYA into CoinW, a move aims to enhance security measures. KYA, or Know Your Address, plays a crucial role in identifying, analyzing, evaluating, and categorizing risks associated with specific addresses on the blockchain. This integration aims to enhence CoinW’s security solution, providing a comprehensive solution to safeguard user assets.
KYT (Know Your Transaction) and KYA together solidify CoinW’s position as the safest cryptocurrency exchange. KYT focuses on monitoring transaction risks, identifying malicious addresses, and generating alerts, meeting compliance and risk management requirements for Virtual Asset Service Providers (VASPs). KYA, on the other hand, evaluates risks associated with specific addresses, aiding digital asset investigations and screening on-chain transaction risks.
At CoinW, user security takes precedence. The platform acknowledges the ongoing responsibility of ensuring the integrity of its platform and safeguarding it from malicious actors. With over 10 million users actively trading on the CoinW platform, the company takes additional steps to ensure the platform remains safe, trustworthy, and compliant. This includes selecting partners. As the foundational MPC wallet service provider for CoinW, HyperBC has securely provided wallet services for millions of addresses, processing transactions totaling an equivalent of 1.3 billion USDT, all while maintaining an impeccable safety record with zero security incidents.
Head of the Risk Control Department at CoinW stated, “Our on-chain AML service monitors on-chain deposits and withdrawals, as well as suspicious trading risks in real-time. It ensures user asset security, and meets the compliance and risk control needs of Virtual Asset Service Providers (VASP), mitigating money laundering and terrorism financing.”
Simultaneously, this integration aligns with CoinW’s global expansion strategy, as KYT and KYA not only enhance security but also ensure strict compliance with regulatory standards. Recognizing the AML requirements stipulated by various countries, CoinW’s pursuit of regulatory licenses in multiple nations is underscored by a commitment to meeting these standards.
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