Since the beginning of 2018, the crypto sector has faced a much greater amount of regulation, at both the federal level and across advertising platforms, ranging from the SEC to Google, Facebook, Twitter, and more. As I have discussed before, I believe that this increased emphasis on crypto compliance is a good thing, as it provides an extra layer of scrutiny that filters out unscrupulous companies and scammy ICO’s and in turn, allows legitimate companies in the space to thrive.
Other businesses in the crypto space similarly value this regulation and oversight. In fact, Chainalysis, a blockchain startup that provides cryptocurrency exchanges, international law enforcement agencies, and other clients with Bitcoin transaction analysis to comply with regulations, assess risk, and identify illicit activity, just raised $16 million in funding from Benchmark Capital. The company, established in 2014, first garnered attention and respect following their thorough investigation of the Mt. Gox scandal, and today serves as a strong example of a company thriving in the new age of crypto compliance.
The New Age of Crypto Compliance
In the old days, crypto was largely unregulated and seen as completely at odds with regulated, traditional financial institutions. But as Bitcoin and other currencies increasingly move towards mainstream adoption, and blockchain technology begins to disrupt a number of industries beyond finance, it’s becoming clear that the worlds of crypto and “mainstream finance” aren’t as separated from one another as initially thought.
“What we decided when we founded Chainalysis was that we needed to solve how we can make the new world of finance work together with the old world of finance. Basically, how can we bridge the gap between banks and bitcoins?” said Chainalysis Co-founder Michael Gowanger. One way that Chainalysis succeeds in doing this is by bringing a sense of concrete insight to the abstract, digital world of Bitcoin and cryptocurrencies. Specifically, Chainalysis has built a data set that, according to Co-founder Jonathan Levin, links “real-world activity to cryptocurrency transactions so that [Chainalysis] can uncover the underlying real-world purpose of the transaction.”
This helps Chainalysis provide its clients (both within and outside the crypto sector), with greater insight into the financial institutions and entities they are dealing with, thereby protecting against scams. As the crypto space has expanded, Levin explains that this level of scrutiny and regulatory overview is even more necessary, and Chainalysis’ clients across the board seem to agree.
BitcoinIRA.com’s Commitment to Compliance
BitcoinIRA.com, the world’s first and largest cryptocurrency IRA platform that allows customers to purchase Bitcoins and other cryptocurrencies for their retirement accounts, is committed to the highest level of regulatory compliance within the cryptocurrency IRA space. The company appointed Maryann Bullion to serve as General Counsel and Senior Compliance Officer. “I did my due diligence searching BitcoinIRA.com in comparison with other companies in the space and I believe they maintain the highest standard of ethics,” said Bullion, who has extensive legal experience in the financial sector. “I am excited to work closely with the executive team to streamline the compliance framework, and to provide the safest and most efficient products and processes for its customers.”
To learn more about how you can diversify your retirement portfolio with Bitcoin or other cryptocurrencies, give BitcoinIRA.com a call at 877-936-7175.