Binance Crypto Exchange to Implement Chainalysis ‘Know Your Transaction’ Software
Binance Adds Compliance Tools From Chainalysis
Binance, the largest crypto exchange in the world by trading volume, is now in a partnership with Chainalysis to use its crypto compliance solutions. This way, the company announced today, October 17, that it will use this technology as a new global compliance solution.
Chainalysis will provide access to its “Know Your Transaction” software which can be used to let the exchange monitor crypto transactions in real time. This will be used to look for criminal activities while they are still being done.
CFO Talks About The New Technology
During a recent interview, Wei Zhou, acting as the Chief Financial Officer of Binance, has told the media that he hoped to inspire other companies in the crypto industry to take money laundering and other illegal acts more seriously, which is what Binance is aiming to do right now.
According to the CFO, this new technology will help the company in its ultimate goal of creating an environment in which anyone can feel safe to trade without people breaking the law. He also believes that, while the company has already spent some money and resources in Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, this tech will be effective.
Zhou affirms that criminals are always looking for loopholes, so the company has to be proactive in order to stop them and protect its customers. Using this new software from the partner, Binance will generate software alerts when suspicious activity is detected.
Ultimately, Binance’s goal is to provide enough safety so its clients that interested in making compliant transactions can really be protected from the other who do not.