Binance Joins with Coinfirm for FATF Anti-Money Laundering Compliance

Binance Joins with Coinfirm for FATF Anti-Money Laundering Compliance

In a bid to comply with anti-money-laundering (AML) guidelines of the Financial Action Task Force (FATF), leading cryptocurrency exchange Binance has joined forces with Coinfirm, a platform that claims to be the global leader in regulation technology (RegTech) for the distributed ledger technology (DLT) ecosystem. The new alliance will enable Binance to integrate Coinfirm’s blockchain-agnostic AML solution into its system, according to a blog post on October 3, 2019.

Binance Inks Deal with Coinfirm

In an effort to ensure the secure trading of digital assets and remain in compliance with the anti-money-laundering (AML) regulations of the Financial Action Task Force (FATF), Binance, the world’s number one crypto exchange by 24-hour trading volume, is partnering with Coinfirm.

As stated in its blog post, the deal will allow the Changpeng Zhao-led bitcoin trading venue to leverage Coinfirm’s robust, blockchain-agnostic AML infrastructure to give its users present in 180 jurisdictions across the globe, the most secure and compliant trading experience.

Reportedly, Binance aims to use Coinfirm’s real-time risk score analysis, alerts, and investigations system powered by the revolutionary blockchain technology to make money laundering operations impossible on its platform and quickly take actions against suspicious transactions to better protect the cryptoverse.

Playing by the Rules

As reported by BTCManager earlier in June 2019, the FATF introduced fresh AML guidelines that require centralized crypto exchanges and custodial wallet providers to put in place water-tight AML measures to curb the activities of bad actors. 

Against that backdrop, Binance firmly believes that Coinfirm’s AML and DLT analytics solution is the right shot in the arm for its internal AML and risk analysis processes.

Commenting on the partnership with Coinfirm, Samuel Lim, Chief Compliance Officer at Binance reiterated the alliance is a forward-thinking maneuver as it would fast track the evolution process of the cryptospace.

“With new and more expansive AML and regulatory standards being introduced by authorities across the globe, to ensure sustainable growth of the market. We have a strong belief that Coinfirm and its highly functional solutions will help us and the entire industry evolve in a fast-changing and developing markets, while promoting comprehensive and institutional growth in a safe and compliant way.”

In related news, on October 3, 2019, BTCManager informed that CryptoBridge has made KYC verification mandatory for all users.

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