Binance Gets Elliptic Blockchain Analytics to Help Target Compliance Issues for Global Expansion
Binance, one of the largest crypto exchanges in the world today, has recently partnered with Elliptic, a blockchain monitoring company, in order to upgrade its compliance. The company is already focusing on the international expansion of its services, so being up to the global standards of compliance will certainly be important.
The company will use Elliptic to ensure that it will always be compliant with the demands of the authorities in several different places. According to Samuel Lim, the Chief Compliance Officer of the company, the deal will be specially focused on anti-money laundering measures.
Binance is currently upgrading its compliancy with other companies as well. Last month, the company teamed up with CipherTrace, a blockchain analytics company which also focused on anti-money laundering measures.
Lim has affirmed at the occasion that CipherTrace would be useful for Binance in order to augment and expand their drive while building more trust among the user base, regulators and companies in the financial sector. He has also talked about how the new partnership will be important in boosting the existint AML compliance system that is being used by the exchange and to help in its expansion.
The company had another compliance-related move recently in which it used the help of IdentityMind, another risk management startup company. This was the first of the three compliance-related deals which happened this month.
Binance DEX will be debuted soon, so it is normal that the company is already considering more about the expansion of its services. Because of this, the efforts to make its services more secure and compliant will be vital during the coming times.
Craig Wright, one of the public faces of Bitcoin SV, has recently accused Binance of providing its services for terrorists, so this can certainly be considered a good time for the exchange to upgrade its services.