Bitget Enhances
Compliance Practices
With Chainalysis

CUSTOMER STORYCustomer Story | Bitget

Bitget Enhances Compliance
Practices With Chainalysis
Company Name: Bitget
Type of Business: Cryptocurrency Exchange
Chainalysis Solutions: Chainalysis risk solutions

Founded in 2018, Bitget is a global
cryptocurrency exchange with over 20 million
registered users worldwide. Its platform
supports more than 500 cryptocurrencies. Witha daily trading volume of $10 billion, Bitget isone of the largest crypto trading platforms.
As an organization committed to maintaining arobust, risk-based compliance program, Bitget isfocused on the long game. “How we run thebusiness distinguishes our key values, andﬁnancial results come from doing the rightthing,” says its Director of AML Compliance.

appreciated that law enforcement andgovernment agencies immediately recognized
and used Chainalysis themselves, and knewthat it would produce efﬁciencies if collaboration
were needed.

“Chainalysis helps us visualize
the ﬂow of funds and the risk
easily and quickly. I think thishas greatly shortened our timeon investigations.”

CHALLENGE

Maintain a risk-based complianceprogram to deter bad actors and growuser trust
As a fast-growing crypto trading platform,
Bitget is committed to ensuring its complianceefforts keep pace with industry standards toensure the company maintains an effective,risk-based program. Among otherenhancements, the company has prioritized theimplementation of transaction controls thatwould discourage illicit activity on its platform,and encourage user growth in turn.
Why Bitget chose Chainalysis
After researching other blockchain analysis
platforms, Bitget selected Chainalysis based on
its reputation, comprehensive database, andintuitive product design. The compliance team

How Chainalysis integrates with Bitget
As incoming transfers occur on its platform,
Bitget sends on-chain transaction data toChainalysis via APIs, which helps the exchange
assess risk levels and analyze exposure to illicit
activity. This assists Bitget in identifying
potentially risky activity and guides its risk
assessment of transactions and clients.
SOLUTION

Enhance Bitget’s compliance practices
and create a safer trading environment
Bitget’s compliance team uses risk solutions
from Chainalysis to optimize its AML riskmanagement strategy with early identiﬁcationof risks through varying alert levels. Whenever atransfer involves a risky counterparty, analysts
are able to review the potentially suspicious

Customer Story | Bitget
transaction to assist them in effective andtargeted prioritization of compliance reviews.
The team also uses Chainalysis to conduct indepth investigations of on-chain activity. The
intelligence that analysts derive from theproduct helps them identify suspicious patterns
and detect potential money laundering andother ﬁnancial crime activities.

“We're able to look for all thetransfer and exposure
information in a few clicks, andcheck all kinds of trusted datalike the cluster transfers graph,the counterparties interaction
over time, and cluster exposure
to different categories. It'svery helpful for conducting acomprehensive analysis.”
Bitget analysts especially appreciate theproduct’s clustering functionality and curated
open-source intelligence (OSINT), which aid indecision making. One compliance analyst noted,“Chainalysis helps us visualize the ﬂow of funds
and the risk easily and quickly. I think this has
greatly shortened our time on investigations.”
Labeling options in the product also help theteam act fast. Using transaction categorization
criteria, leadership now provides standardized,
objective guidance on how the team should
handle potentially suspicious transactions. Whileenhancing compliance took effort to implement,
Bitget’s compliance team believes thatdeveloping a more robust defense mechanism
will deter bad actors from attempting to use theplatform over time, creating a safer trading
environment for its users.

Intuitive user experience and product support
increase investigation efﬁciency
The compliance team at Bitget cites the intuitiveUIs, comprehensive training, and productsupport from Chainalysis in working more
efﬁciently.
One compliance analyst praised the simple andeffective workﬂow to conduct enhanced due
diligence on transfers. “We're able to look for all
the transfer and exposure information in a few
clicks, and check all kinds of trusted data like thecluster transfers graph, the counterparties
interaction over time, and cluster exposure todifferent categories. It's very helpful for
conducting a comprehensive analysis.”
The compliance team also appreciates the risk
dashboard. The alert overview, based on alerts
the team conﬁgures that align with Bitget’s risk
tolerance, helps analysts understand how many
pending and in-review alerts there are, and theuser overview provides insight on how many
severe and high risk users the platform has.
A compliance analyst says, “We analyze
sections like transfer volume per category andexposure. It’s helpful for our risk appetite
adjustment and it’s vital to have these visibilities
in monitoring the health status of our platform
on-chain so we can take action strategically.”Building Trustin Blockchains
About Chainalysis
Chainalysis is the blockchain data platform. We provide data, software, services, and research togovernment agencies, exchanges, ﬁnancial institutions, and insurance and cybersecurity companies
in over 70 countries. Our data powers investigation, compliance, and market intelligence softwarethat has been used to solve some of the world’s most high-proﬁle criminal cases and grow consumer
access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, GIC, Paradigm,Ribbit, and other leading ﬁrms in venture capital, Chainalysis builds trust in blockchains to promote
more ﬁnancial freedom with less risk. For more information, visit www.chainalysis.com