9 Oct, 2019

Binance Partners with CipherTrace to Improve AML Program

Cryptocurrency exchange Binance is partnering with a blockchain security company, CipherTrace, to work together on enhancing the former’s robust anti-money laundering (AML) compliance program. CipherTrace, will raise the exchange’s compliance standards in line with a worldwide progression of cryptocurrency regulations and developing frameworks.

Talking about the partnership, Samuel Lim, the Chief Compliance Officer of Binance said, “The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions. This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”

Interestingly, CipherTrace has also been working with  regulators, financial institutions and auditors around the world. Dave Jevans, the Chief Executive Officer (CEO) of CipherTrace said, “As one of the most trusted cryptocurrency exchanges on the globe, Binance is leading the way in AML compliance programs for the industry. With regulators in the world’s most progressive jurisdictions that encourage innovation also using CipherTrace to assess and monitor risks of licensed cryptocurrency businesses, we are looking forward to helping the crypto economy grow by raising the level of transparency and trust in the overall market. We expect many others to follow Binance’s lead and are excited to help pave the path.”

Last month, Binance collaborated with IdentityMind, an American startup which is known to provide real-time onboarding, transaction monitoring and case management solutions to prevent financial crime, as previously reported by Crypto-News India.

At the time, the exchange had said, “With Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market. Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance’s global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions. We are excited to provide the necessary tools that will allow them to continue growing and serving more users around the world in a secure and compliant manner.”