Binance, the world’s largest cryptocurrency exchange in terms of market cap, just announced a partnership with CipherTrace in an attempt to improve their compliance and keep up with regulations, the company said in a blog post.
Keeping Up With The Times
CipherTrace reports on security in the blockchain market. It overlooks money laundering, regulation, law enforcement investigations, and more. Based in Silicon Valley, the group can help the exchange improve its “robust anti-money laundering (AML) compliance program” on top of any coming blockchain regulations.
Samuel Lim, Chief Compliance Officer at Binance, commented on the partnership:
“The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions. This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”
Essentially, Binance is future-proofing itself. The times ahead are uncertain when it comes to the cryptocurrency industry, with the global technology failing to have any sort of worldwide regulation. It’s only smart that these platforms prepare for all possibilities.
The partnership with CipherTrace is ideal since the company already works with financial institutions, regulators, and more. According to CoinTelegraph, the group was recently brought on to “monitor activity by crypto businesses in Malta.”
Good Times Ahead
Dave Jevans, CEO of CipherTrace, also commented on the news:
“As one of the most trusted cryptocurrency exchanges on the globe, Binance is leading the way in AML compliance programs for the industry. With regulators in the world’s most progressive jurisdictions that encourage innovation also using CipherTrace to assess and monitor risks of licensed cryptocurrency businesses, we are looking forward to helping the crypto economy grow by raising the level of transparency and trust in the overall market. We expect many others to follow Binance’s lead and are excited to help pave the path.”
Recently, the publication also revealed that Binance would launch a decentralized trading platform later this month. It’s likely that this CipherTrace partnership is instead of that. Moreover, if you’re interested in the exchange, be sure to check out our Binance review here.