Exchanges

Binance teams with CipherTrace to up the exchange’s compliance procedures

April 12, 2019, 3:57AM EDT

The world’s largest cryptocurrency exchange Binance has teamed up with blockchain analytics company CipherTrace to enhance its security, CipherTrace has announced. It says it is helping Binance strengthen its anti-money laundering (AML) policies, ensuring compliance with cryptocurrency regulations and frameworks as they develop.

“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,” said Binance’s Chief Compliance Officer Samuel Lim. “This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”

It’s not Binance's only venture to bolster compliance. Last month, it also announced a partnership with IdentityMind as a tool to counter transaction-fraud as well as to improve KYC/AML and sanctions screening.