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Binance partners with CipherTrace to strengthen AML and raise industry standards

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The world’s largest cryptocurrency exchange Binance announced its partnership with blockchain security company CipherTrace on the 11th. The partnership aims to enhance compliance, including anti-money laundering (AML), and aims to raise industry standards .

Samuel Lim, who is responsible for the compliance department at Binance, commented on the conclusion of the partnership as follows:

“This partnership will strengthen our world-class AML compliance program and help us move into a more compliant market.”

Meanwhile, Dave Jevans, the CEO of CipherTrace, said the following, and stated that he hoped to be the power of the global cryptocurrency exchange Binance.

“We aim to improve the transparency and credibility of our cryptocurrency economy by using the most advanced regulatory authorities promoting innovation and CipherTrace to monitor and evaluate the risks of our licensed cryptocurrency business. We are expecting other companies to follow the industry leader, Binance, and we will help to pave the way. ”

Founded by Silicon Valley entrepreneurs in 2015, CipherTrace excels in areas such as cybercrime, payment, encryption and cryptocurrency.

The company has raised funding from Galaxy Digital and other venture capital firms and the United States Department of Homeland Security (DHS).

Yesterday, it was reported that Bittrex was dismissed the New York State bit license application for insufficient measures against AML.

Bitstamp Receives 19th Bit License to Expand Service in the US – CRYPTO TIMES

Also, as can be seen from the fact that discussions on cryptocurrency AML will be held at the G20 held in June 2019, the move toward establishing compliance standards required for cryptocurrency exchanges has been accelerating recently. You

Article Source: Binance

Author: kaz 【Coin Desk News】 – Source Post: https://crypto-times.jp/Binance-partners-with-ciphertrace/

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