Binance Increases Anti-Money Laundering Procedures
Top crypto trading platform Binance has collaborated with Elliptic, a blockchain monitoring solutions provider, in order to increase its compliance regulations. This regulatory change is due to the exchange’s international expansion, according to a report made on May 2.
In order to ensure that the exchange’s services operate smoothly in new countries which have different cryptocurrency-related regulations, Binance will work together with Elliptic to make sure that the platform complies with all authority demands from the countries.
Binance’s chief compliance officer Samuel Lim states that this latest partnership with the solutions provider will concentrate on Anti-Money Laundering (AML).
A month ago, the exchange also partnered up with blockchain analytics company CipherTrace, which focuses on AML, after the regulating authorities from Malta, the exchange’s headquarters, permitted its activities.
“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,” Lim stated regarding the partnership. He went on to say:
“This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”
In addition to this, Binance got into another compliance related collaboration in March with risk management startup IdentityMind.
According to past reports, Binance is also looking to launch its own decentralized trading ecosystem called Binance DEX in the following months.
Featured Image: ICOnow