The world’s largest cryptocurrency exchange On 11 April, Binance announced in an official statement that it had entered into the CipherTrace partnership. The blockchain security company must help Binance improve its Anti-Money Laundering (AML) processes.
CipherTrace has been working with a large number of financial institutions, governments and auditors worldwide since 2015. Among other things by developing special monitoring tools, CipherTrace helps companies to comply with AML guidelines and other standards.
In response to the collaboration, Dave Jevans, CEO of CipherSpace, says:
With supervisors in the world’s most progressive jurisdictions that encourage innovation, including with help from CipherTrace to assess and monitor risks of licensed cryptocurrency companies, we look forward to helping the crypto economy grow through the level of transparency and to increase confidence in the overall market. We expect that many others will follow Binance’s example.
As the crypto industry develops and grows, AML standards and other legislation change to keep abreast of these developments. By being able to comply better and faster with those changing and stricter AML guidelines, Binance can expand to other countries faster. Samuel Lim, Chief Compliance Officer of Binance, says about the collaboration:
This collaboration strengthens our existing world-class AML compliance program and helps us expand into new markets in the most compliant way.
Binance is one of the most popular cryptocurrency exchanges in the world. In addition to an exchange, Binance also offers Launchpad. Starting crypto projects can hold an Initial Coin Offering (ICO) on this platform. Binance is also planning to launch a decentralized exchange, Binance DEX.