Binance Partners CipherTrace To Enhance AML Compliance Program
Binance, the world’s largest cryptocurrency exchange by market capitalization, teamed up with blockchain security firm CipherTrace to enhance its anti-money laundering (AML) compliance program.
The move is expected to raise the level of security, transparency and trust in the overall market. CipherTrace serves regulators, financial institutions and auditors around the world.
CipherTrace will help raise Binance’s compliance standards in line with the global updation of cryptocurrency regulations and developing frameworks.
Binance also has partnered with online risk management firm IdentityMind. IdentityMind provides digital currency exchanges a “real-time” platform to comply with know-your-customer (KYC) and AML regulations to prevent client onboarding fraud and transaction fraud.
Further, last year, Binance had entered into a deal with New York-based software firm Chainalysis for improving regulatory compliance to prevent, detect and investigate cryptocurrency money laundering, fraud and compliance violations.
Binance is a blockchain ecosystem comprised of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity.
CipherTrace develops cryptocurrency AML, cryptocurrency forensics, blockchain threat intelligence and regulatory monitoring solutions.
Initially funded by the U.S. Department of Homeland Security (DHS) Science and Technology (S&T) and Defense Advanced Research Projects Agency (DARPA), CipherTrace is backed by leading Silicon Valley venture capital investors. It was created to develop cryptocurrency and blockchain tracing and security capabilities.
Recently, the Malta Financial Services Authority (MFSA) also selected CipherTrace to monitor regulatory compliance of crypto-related business firms operating in the Republic of Malta. The compliance monitoring solution will oversee and manage business risks of Malta’s licensed virtual asset businesses and cryptocurrencies.
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