• Latest
Binance’s BitTorrent Token Sale Sells Out in Minutes Amid Technical Issues

Binance Partners With CipherTrace in Latest Compliance Push

April 11, 2019
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Binance Partners With CipherTrace in Latest Compliance Push

coinnewsdaily by coinnewsdaily
April 11, 2019
in Business
0
Binance’s BitTorrent Token Sale Sells Out in Minutes Amid Technical Issues
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Malta-based cryptocurrency exchange Binance is embarking on a multi-pronged push to boost compliance procedures across its platform.

To that end, Binance is announcing a new partnership with the blockchain analytics firm CipherTrace to enhance anti-money laundering (AML) processes like tracing the source of on-chain funds and matching user IDs to problematic wallet addresses.

Related articles

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

Juli 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

Mai 6, 2022

“We are very serious about improving our compliance standards,” Samuel Lim, head of compliance at Binance, told CoinDesk. “We will continue to build our [compliance] team, continue to re-invest in the compliance space.”

The addition of CipherTrace, which is backed by venture firms such as Mike Novogratz’s Galaxy Digital, comes on the heels of a new partnership with IdentityMind on know-your-customer (KYC) compliance. Binance also works with Chainalysis, Refinitiv (formerly the financial risk division of Thomson Reuters) and the Blockchain Transparency Institute (BTI), according to Lim.

“We want our users to have the best trading experience, to know that they are safe that they are not trading with crooks or bad actors,” he said.

For example, the analytics firm Whitestream identified a Binance account that allegedly received bitcoin from supporters of the military-political group Hamas, which the U.S. deems to be a terrorist organization. Most experts agree such cases are extremely rare.

Financial crimes present a more common reputational risk, especially considering the regtech startup Coinfirm identified Binance as an exchange that may not always enforce restrictions based on KYC requirements.

Along those lines, a BTI report released this week found that although Binance trading volumes were more than 85 percent authentic some wash trading – the practice of simultaneously buying and selling the same assets to create the illusion of market activity – was occuring with niche token pairs. So BTI development director Marco Paez told CoinDesk his research firm is working with Binance to crack down on wash trading.

Coupling those BTI insights with CiperTrace’s services could complement the broader compliance push across the Binance ecosystem. However, Lim said these partnerships are merely enhancing Binance’s existing capabilities, adding the exchange already has an in-house team with “dozens” of legal and blockchain analytics experts devoted to tasks like platform moderation, AML and KYC compliance.

Indeed, Lim said Binance’s compliance team is committed to continually raising the bar as the regulatory landscape and user behaviors also evolve.

Said Lim:

“Compliance is always a quest, you are always on a journey to improve your compliance.”

Binance image via Shutterstock

Credit: Source link

Tags: Blockchain Transparency InstituteBusinessCryptoCrypto BusinessHamashead of complianceIdentityMindThomson Reuters
Share76Tweet48
Previous Post

Digital Asset Scores Partnership With Cloud Computing Giant VMware

Next Post

‚Crypto Stripe‘ Flexa Raises $14 Million So You Can Buy Coffee With Bitcoin

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses
Business

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

Juli 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

Mai 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
Load More
Next Post
‚Crypto Stripe‘ Flexa Raises $14 Million So You Can Buy Coffee With Bitcoin

'Crypto Stripe' Flexa Raises $14 Million So You Can Buy Coffee With Bitcoin

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev