Chainalysis announced that BNY Mellon will use its cryptocurrency compliance solution as part of the bank’s integrated solution for traditional and digital asset custody. The bank announced plans for the solution in February last year.
BNY Mellon is the first systemic bank to adopt Chainalysis offering. The startup has raised more than $350 million in funding, including from another major bank, MUFG. Its most recent valuation was $4.2 billion in its June 2021 Series E round.
Chainalysis is known to have several customers that are regulators or law enforcement. These include the United Nations Office on Drugs and Crime (UNODC) and EUROPOL. According to a Bitcoin.com report, a rogue employee revealed contracts in the United States with Homeland Security, the FBI, IRS, ATF, DEA, SEC, Secret Service, CIA (through In Q Tel), NYPD and other large police departments.
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