Coinbase has announced the introduction of Coinbase Intelligence, a crypto compliance platform that will help to safeguard crypto against bad actors.

The company noted that the goal is to keep pace with the global regulations and ensure that everyone can safely participate in the crypto industry.

Coinbase Intelligence To Address The Global Compliance Requirements

The platform will also address the compliance requirements of law enforcement agencies, crypto businesses, financial institutions, and corporations new to crypto.

Additionally, the new tools will offer services known as Coinbase Know Your Transaction (KYT), regarded as a transaction screening tool. It will make sure that crypto businesses and Financial institutions “proactively manage risk based on our proprietary risk scoring system,” according to the press release.

The new program can be utilized as an application programming interface (API) for the automation of real-time transaction monitoring. According to Coinbase, the main aim here is to protect investors against spurious transactions and bad actors in the industry.

The KYT tool will also enable users to receive alerts to ensure proactive risk management, especially when there are changes to screen transactions and risk profiles for flags related to anti-money laundering.

Coinbase Changes Analytics Platform To Coinbase Tracer

Coinbase has also announced a change of name for its analytics platform to Coinbase Tracer. The platform has been used by law enforcement agencies and governments, but will now be open to real-world entities as well. According to Coinbase, one of the goals of the platform will be to visualize the flow of crypto assets.

In addition to that, the platform will issue alerts and risk scores to flag AML risks, demystify counterparty risks, and help to reduce fraud. Coinbase said it wants to provide an enabling environment that will meet the compliance needs of the future, and not only for the present.

The crypto exchange added that it places importance on the growth of compliance in the crypto market while expanding economic freedom and fueling innovation for everyone. Regulators may be open to welcoming the new tools, but the average user may be worried that Coinbase is fast becoming a high-street bank.