Paxful implements Chainalysis tools to track suspicious transactions

   The P2P platform Paxful will improve the security of operations in partnership with the analytical firm Chainalysis. Paxful will implement Reactor and KYT tools to detect illegal transactions.

As part of the partnership, the Paxful P2P platform will implement Chainalysis technologies. Ray Youssef, CEO and co-founder of Paxful, noted:

"Paxful uses the Chainalysis Reactor to check suspicious activity on its platform and Chainalysis KYT to monitor transactions for any illegal activity. Working with Paxful, Chainalysis changes its policy and will evaluate P2P exchangers on a case-by-case basis before calling them risky.

Before working with Paxful Chainalysis, Chainalysis noted doubtful security of P2P platforms due to low requirements for user information disclosure. Yusef believes that implementation of certain transaction tracking tools is a necessary measure. He said:

"The P2P platform Paxful is designed for honest users. As in other industries, the cryptographic industry has dishonest players who are trying to steal money. KYC and KYT support honest users and increase their confidence in safe trading".