Per an April xiii annunciation, Huobi (HT) Global has launched Star Atlas, an on-chain analytics tool to monitor illicit cryptocurrency transactions that could piece of work in tandem with similar tools.

Past criticism

The tool should aid Huobi address some of the past criticism it had received. Chainalysis'  2022 State of Crypto Criminal offence Report stated:

"Binance and Huobi atomic number 82 all exchanges in illicit Bitcoin received by a significant margin."

Ciara Lord's day, VP of global business at Huobi Group, explained the functionality of the new tool to Cointelegraph:

"Star Atlas is an on-chain monitoring tool to monitor cryptocurrency transactions to identify and detect crimes similar fraud, money, laundry and other problematic activities."

Improving ecosystem through partnerships

Although Star Atlas is like to tools adult by Chainalysis, Elliptic and Ciphertrace, Sun believes that Huobi has a comparative reward and still is willing to partner with other companies in the space:

"It's similar, but it'south dissimilar because Huobi has been operating equally an exchange for nigh seven years at present, and we've combined tons of security inquiry. Nosotros take never experienced a major security breach. So our team has very deep expertise with a proven track record, and we've been developing all these information in the past seven years. So Star Altas maintains a big address database."

Huobi is considering partnering with other players in the crypto space similar Chainalysis and CryptoCompare. According to Sun, there are synergies between Huobi and other companies in the space. Huobi has accumulated a lot of data in Asia, whereas other companies may have more information in the West.

Sun hopes that Star Atlas will aid Huobi accomplish its long-term vision:

"To be the most trustworthy exchange. So I recollect being able to have Star Atlas volition help with that. Just 1 of the reasons we launched it is because we want to make the broader cryptocurrency space a better place."

This proclamation comes on the heels of Huobi Korea delisting Monero (XMR) in the wake of a scandal in which Monero was allegedly used for anonymous transactions linked to sexual exploitation.