What is KYT in Crypto?
KYT(Know-Your-Transaction) is the process of collecting data about transactions performed by individuals, groups, companies or organizations. It evaluates whether the transaction is legal and whether it is linked to financial crimes, money laundering or terrorist financing. KYT, a concept that is often confused with the concept of KYC (Know-Your-Customer), can often be seen as the second stage of KYC. Such a platform is especially useful for P2P users, OTC businesses, Government and Government agencies.
What can be done with OXS KYT?
Coinoxs has a product related to KYT called OXS KYT. With OXS KYT, users can calculate the risk of transactions carried out in wallets they deem risky and collect information. With this product, users can learn the risk score of the wallets they have analyzed and take action according to this score. Tracing transactions in blockchain wallets can be quite difficult and complex. At the same time, it causes a waste of time. With OXS KYT, this analysis is much more comfortable and easy. Thanks to the AML bot, human errors are also prevented.
Why is KYT Needed?
KYT service allows users to check financial transactions in other crypto wallets. Users can take action according to the KYT evaluation result of the application.
Know Your Customer (KYC) is a common practice among financial institutions and businesses. It is an important tool in the customer engagement process. It is the procedure that ensures that users do not violate any restrictions. However, this application is insufficient to learn more about users’ transactions. As a result, KYT comes into play, allowing you to track extra facts and insights into these transactions.
The focus of cryptocurrencies and blockchain technology is not just on the individual, but also on the asset or transaction and its connections. It is quite difficult to track a user using blockchain, but it is possible to track funds movements through an address to determine the authenticity and legality of blockchain-based transactions. OXS KYT will assist with this process.
How Does OXS KYT Work?
• First of all, you should visit https://oxskyt.com/
• Enter the crypto wallet address you want to review on the website.
• We identify suspicious transactions by analyzing the address and evaluate the risks.
• Get results: We provide detailed statistics including the percentage of how risky the wallet address is.
For more, you can visit https://oxskyt.com/, review our product, and become our customer.
