Binance announced a partnership with CipherTrace, a blockchain security company, with the aim of enhancing the exchange's anti-money laundering compliance program.
CipherTrace, a blockchain security company, is teaming up with Binance in order to help the exchange enhance its regulatory compliance.
The companies will work together on improving its anti-money laundering compliance program.
According to Binance's press release shared with CryptoSlate, the partnership with CipherTrace will raise the exchange's standards in line with cryptocurrency regulations across the world.
Samuel Lim, the chief compliance officer of Binance, said that choosing CipherTrace as its on-chain security solution will help build greater trust among its users.
Dave Jevans, the CEO of Silicon Valley-based CipherTrace, said that the company expects that the level of transparency and trust in the overall market will rise due to its partnership with Binance.
"As one of the most trusted cryptocurrency exchanges on the globe, Binance is leading the way in AML compliance programs for the industry."
CipherTrace was enlisted to help audit crypto asset services that operate within Malta's jurisdiction and ensure all crypto transactions within the country are free of money laundering.
While it's still too early to tell if CipherTrace's partnership with the MFSA had resulted in a decrease in financial crime in Malta, the company's agreement with Binance could help establish the exchange as a leader in regulatory compliance.
Fostering a trustworthy image of the exchange could bring more institutional investment into the space as well as help Binance secure better treatment from both local and global regulators.
Binance partners with CipherTrace to enhance anti-money laundering compliance
Published on Apr 11, 2019
by Cryptoslate | Published on Coinage
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