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Crypto exchange Binance partners with IdentityMind to improve compliance capabilities

Wed, 27 Mar 2019, 09:12 am UTC

Leading cryptocurrency exchange Binance has announced its partnership with IdentityMind, a risk management and RegTech compliance platform, to improve existing data protection and compliance measures for Binance’s global operations.

Founded in 2013, IdentityMind offers a range of solutions covering Know Your Customer (KYC), sanctions screening, anti-money laundering (AML) transaction monitoring, and chargeback detection. It enables digital currency exchanges to comply with KYC and AML regulations worldwide.

Garrett Gafke, President and CEO of IdentityMind, said that Binance’s tremendous trading volumes and rapid expansion plans make compliance more challenging.

“Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance’s global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions. We are excited to provide the necessary tools that will allow them to continue growing and serving more users around the world in a secure and compliant manner,” he said.

In March 2018, Bloomberg said in a report that Binance’s KYC policies were among the industry’s “least rigorous” with users requiring only an email address to open trading accounts with daily withdrawal limits equivalent to 2 bitcoins, providing “a level of anonymity that makes it difficult to deter everything from money laundering to market manipulation.”

Binance has started making efforts to up its game in this area. It partnered with Chainalysis in October for real-time transaction monitoring of cryptocurrencies. The exchange has also collaborated with Refinitiv for KYC automation.

Samuel Lim, Chief Compliance Officer of Binance, said that the partnership with IdentityMind will help strengthen Binance’s compliance capabilities and its “commitment to re-invest in the blockchain ecosystem and grow it.”

“We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide,” Lim said.

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