Binance and Norm AML
13 april 2019, 16:58
The largest cryptocurrency exchange Binance announces a partnership with a startup CipherTrace, which provides a solution CipherTrace to counter income laundering (AML).
"Choosing CipherTrace to enhance security will help develop companies and provide our users with confidence, as well as representatives of regulators and financial institutions." The partnership will make our compliance program and help us reach new markets, ”said Samuel Lim, head of regulatory compliance at Binance.
CipherTrace representatives hope that their decision will help not only to increase the security of the Binance exchange, but also set new standards throughout the industry.
“We hope to help the growth of a cryptocurrency economy by increasing the level of transparency, security and trust in the market. We expect many to follow Binance’s example and will be happy to assist in enhancing safety and regulatory compliance, ”said CipherTrace head Dave Jevans.
Note that Binance is constantly strengthening its security system and is working to improve regulatory compliance. Thus, at the end of March, the cryptocurrency exchange announced a cooperation with the company IdentityMind to improve compliance with the KYC and AML standards.
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