Rakuten teams up with CipherTrace to ensure AML compliance of its crypto exchange
Wed, 29 May 2019, 11:55 am UTC
Rakuten Wallet, a cryptocurrency exchange being launched by Japanese e-commerce giant Rakuten, has partnered with blockchain security company CipherTrace to ensure anti-money laundering (AML) compliance.
Officially launched in March 2019, Rakuten Wallet is a cryptocurrency exchange based in Tokyo, Japan. The exchange, which started accepting customer applications on April 15, said that it has seen “significant adoption” of its platform.
Initially funded by the U.S. Department of Homeland Security Science and Technology (S&T) and DARPA, CipherTrace develops cryptocurrency anti-money laundering, cryptocurrency forensics, and blockchain threat intelligence solutions. In February, it raised $15 million in venture capital round led by Aspect Ventures.
According to the press release, CipherTrace plans to support Rakuten Wallet to both enhance the safety of investors and protect the integrity and compliance of the exchange.
“We are happy to partner with CipherTrace in advance of our exchange launch,” said Yoshinao Kiyama, Head of the Risk Control Department at Rakuten Wallet. “Regulatory compliance and anti-money laundering protections are of the utmost importance, and we believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet.”
In the past couple of months, a number of organizations and companies have partnered with CipherTrace to ramp up their security measures. This includes the Malta Financial Services Authority (MFSA) and leading cryptocurrency exchange Binance, among others.
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