Blockchain Intelligence Group (BIG) (CSE: BIGG; OTCQB: BBKCF; WKN: A2PS9W), a digital forensics company that offers a range of blockchain analysis and risk assessment services, today announced that Bitcoin SV (BSV) is in its List of supported blockchains. In a statement, the company recognized Bitcoin as “a protocol for the world’s internet-like data network” and “dedicated to unlimited scaling and massive corporate chain transaction throughput.”
The Blockchain Intelligence Group, a subsidiary of the listed BIGG Digital Assets Inc., offers two main products: QLUE (Qualitiative Law Enforcement Unified Edge) and Bitrank Verified. Both products are aimed at large corporations and government agencies looking to conduct due diligence and other investigative tasks using blockchain data.
BIG President Lance Morginn told CoinGeek about the decision to add support for Bitcoin SV that his company needed “insight into the major cryptocurrencies in the market”. Other blockchains / assets supported by the BIG-Suite are BTC, ETH, LTC and ERC-20 tokens.
The Vancouver-based company, listed on the CSE, was founded five and a half years ago, filling an emerging niche in the market for data intelligence on digital asset transactions. According to Morginn, there was also a “lack of knowledge” in industries that would inevitably meet and engage with the digital asset community.
He says they got the most expressions of interest from law enforcement initially, with banks and more specific digital asset-oriented companies like exchanges and payment processors following later. In recent years, these companies have had increasing obligations to collect data about their customers (KYC).
However, some exchanges believe that moving between “crypto-friendly” jurisdictions or ambiguous corporate structures protects them from fulfilling these obligations or from regulatory interference altogether. However, this is becoming increasingly difficult, which shows that governments have little or no tolerance for digital services that facilitate money laundering or allow parties to move and mix large amounts of money across borders without detection.
“Our motto has been ‘making cryptocurrencies mainstream’ since day one and we believe these tools will enable regulators and law enforcement agencies to carry out their traditional roles in this new area,” said Morginn.
“This will pass the regulation, which makes crypto ramps easier and increases acceptance.”
Services and products of the Blockchain Intelligence Group
BIG has tailored its services to a number of different business models and offers blockchain forensics training to its users and others. Morgan said representatives from over 550 companies took the course, including JP Morgan, Morgan Stanley, Wells Fargo, CIBC and Royal Bank.
It also operates the Crypto Fusion Center, an information exchange center that includes law enforcement and financial community representatives. Participants can submit known addresses used in ransomware attacks and other criminal offenses and include a push API.
“[Crypto Fusion Center] is a platform that combines law enforcement and finance in a single portal that enables the submission of ransomware addresses and blacklist addresses, ”said Morginn.
“This is one type of our social responsibility component to being part of the industry and this is a free service that we offer.
Bitcoin Association founding president Jimmy Nguyen said BIGG’s decision underscored the BSV industry’s commitment to law compliance, adding that it was necessary to achieve mass adoption.
“Unlike other digital currency camps, the Bitcoin SV ecosystem is strongly committed to building a lawful and regulatory-friendly industry to win the trust of businesses, governments and consumers.”
“The Blockchain Intelligence Group extends this mission by providing practical tools that companies can use to comply with AML, KYC, CTF and OFAC guidelines, track criminal investigation and termination mechanisms, and provide forensic investigation services which laws governing activities in digital currencies can be enforced. Its solutions will make it easier for more companies worldwide to offer BSV services. We welcome the Blockchain Intelligence Group to the Bitcoin SV ecosystem and look forward to working with their team to advance a lawful blockchain future. “
Bitrankverified creates blockchain address reports for AML / CFT compliance and other due diligence reviews. It contains a number of APIs that can be integrated with the in-house software and creates rated risk assessments for addresses and transactions. In contrast, QLUE was developed in collaboration with anti-money laundering specialists and high-level law enforcement investigators. It includes several blockchain analysis tools, including advanced search algorithms and transaction / address linking, auto-flagging for suspicious activity, and attempted obfuscation and surveillance. In addition to law enforcement, QLUE can also be used by regulators, researchers, exchanges, banks, and other government agencies – some of whom had asked BIGG to offer Bitcoin SV support.
“We have received inquiries from both law enforcement and financial institutions [Bitcoin SV support]We are very excited to bring this to market, ”said Morginn.
“Bitcoin SV has the sixth largest market capitalization and trades over a billion dollars a day. It’s hard to see that this is a cryptocurrency that will stay here. We believe that Bitcoin SV has made significant strides over Bitcoin itself in terms of the number of transactions that can take place. We therefore believe that it is a crypto that will be in high demand – and must be included in tools like ours. “
Forensics is the future for blockchain, only Bitcoin can do it
Although many in the digital asset and blockchain industries have sometimes rejected data analytics firms’ entry into space due to their pursuit of anonymity and a desire to circumvent the law, Bitcoin was designed with a structure that makes it easier to track down financial crimes, and not harder. The open blockchain, which permanently records every transaction, is ripe for anyone who wants to analyze the data it contains and draw links that can be helpful in investigations.
“In the traditional fiat world, law enforcement agencies have similar tools available to help them prosecute. In order for law enforcement agencies to be comfortable and to let regulators know that they can do their job, such tools had to be developed for cryptocurrencies, ”Morginn said.
“Bitcoin is a public ledger. I think everyone knows from Satoshi Nakamoto that Bitcoin’s launch was due to the lack of transparency in the financial system. Our tools provide better visibility into the flow of files and make it easier for employees to keep track of these transactions. “
Attempts to move transactional data off the chain or to create new chains that obscure transactional information are doomed to failure. Even if the technology works as advertised, forensic technology will only become more advanced and accessible. Systems that promote anonymity to compliance are marginalized, untrustworthy by large users, and viewed with suspicion by governments. Like tax haven countries in recent years, they will at some point be brought into conformity or excluded from the system. Only Bitcoin that keeps its transaction in the chain (with the enormous scaling capacity required to do so) can be trusted to process the world’s data in such a way that all requirements are met. And that one chain is Bitcoin SV. With the new suite of tools now offered using the digital currency, Morginn is confident that another wave of development in the ongoing success story of Bitcoin SV is imminent.
“Developers should be thrilled that we are introducing these tools because anything they develop that helps the entire ecosystem will ultimately touch the path with what we have here. So together we can continue to ensure the success of Bitcoin SV, ”he said.
“The only option for an exchange or financial institution in a country where anti-money laundering is properly regulated is to have the tools we offer to meet the various regulatory requirements, be it for banks, brokers -Dealer or OTC company. These tools are required for trading to take place. This will further strengthen Bitcoin SV and its mission to become the cryptocurrency of choice. “
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