Binance Strengthens Its Anti-Money Laundering Program
The Binance cryptocurrency exchange has announced a partnership with an American firm CipherTrace, which deals with security and analytics of blockchain networks.
According to Binance's blog, the platform decided to work with CipherTrace to enhance AML measures and legal compliance with regulatory requirements for the crypto exchange.
Samuel Lim, the Binance Legal Compliance Director, hopes that the exchange will gain more trust among users, regulatory organizations, and financial institutions through a joint effort with CipherTrace. Within the framework of the cooperation, Binance will strengthen its ambitious anti-money laundering program and will be able to enter new markets, Lim added.
California-based CipherTrace works with regulators, banking institutions, and auditors worldwide to offer solutions for AML, monitoring, data protection on distributed ledger, and tracking cryptocurrency transactions. The firm has impressive experience in the field of cyber defense and the fight against digital fraud, and it is also interested in taking cryptocurrency to a new legal level.
As Dave Jevans, the CipherTrace head, stated, by collaborating with the authorities of the most innovation-friendly jurisdictions, the company is trying to push the crypto economy to growth and increase transparency and trust in the global market. It is noted that regulators use the capabilities of CipherTrace to supervise licensed blockchain and crypto companies.
Earlier, Binance has entered into a partnership with IdentityMind, which will help protect the customer data.