Crypto Dailies

What Is KYT?

KYT stands for Know Your Transaction. It is a new user verification rule that implies checking customer’s cryptocurrency for being previously used for conducting illicit activities.

While KYC procedures are common for cryptocurrency exchanges and ICO projects, KYT is just starting to gain popularity.

This compliance method was introduced by Chainalysis in April this year. The company works on the projects aimed at deanonymizing cryptocurrency owners.

Via Decenter.org