Global cryptocurrency exchange Binance has just announced a new partnership with risk management and RegTech compliance platform IdentityMind to enforce security, KYC identification, and AML services, according to a press release published by IdentityMind.
Binance is taking a new step closer to compliance as the exchange is turning into “Know Your Customer” and “Anti-Money Laundering” services provided by IdentityMind. Both companies are now working to raise industry standards on users identification.
Samuel Lim, Chief Compliance Officer of Binance, highlighted the partnership between Binance and IdentityMund as a strengthening of the compliance capabilities and reinvestment philosophy on the Blockchain ecosystem.
“We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in,” Lim said. “The goal is to foster greater trust among financial institutions worldwide.”
IdentityMind is one of the leading providers for associated services to KYC and AML regulations worldwide.
The company is the creator of Trusted Digital Identities (TDIs, and offers a SaaS platform for online risk management.
The new partnership is an attempt from Binance to increase the security and identification concerns from regulators. Last year, Bloomberg reported that Binance KYC processes were the least rigorous in the market.
Binance bet on anonymity in the passband it made hard to track money laundering and market manipulation according to Bloomberg.
Back in October, Binance partnered with Chainalysis to monitor transactions in real time and to identify and avoid any criminal activity.
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