Binance Takes KYC/AML Compliance Exchange Measures To The Next Level With IdentityMind Tools
Crypto Exchange Binance Takes Global KYC/AML Measures To The Next Level With IdentityMind Tools
It's a no brainer that the most significant crypto exchange by trade volume has to tighten its data security levels as well as compliance.
That being said, the world's largest crypto exchange, Binance is in the process of implementing stronger Anti-money laundering (AML) and Know-Your-Customer regulations in ensuring compliance and data security across their operations.
Looking Into IdentityMind Tools For Extra Help
Binance has announced a partnership with IdentityMind, a risk management as well as RegTech compliance platform with the know-your-customer and anti-money laundering services. The collaboration is part of the joint mission meant to help raise the industry's standards by enhancing the existing data protection as well as compliance measures.
According to the announcement, IdentityMind provides a platform for cryptocurrency exchanges to comply with AML and KYC regulations across the globe to prevent fraud. Moreover, the startup helps them with client onboarding, transaction monitoring as well as case management solution.
Binance Raises Its Game
For some, it may come as a surprise given Binance's previous stance whereby it avoided the strict compliance route which most top exchanges like Coinbase chose to follow. Therefore, partnering with IdentityMind clearly shows the Binance is making a shift on its previous stance.
In fact, last year, a report from Bloomberg indicated that Binance's KYC processes were the least rigorous. It was then said that by the time the level of anonymity made it hard tracking money laundering as well as market manipulation.
However, since that time, the crypto exchange has made significant steps to raise its compliance. For instance, it has already partnered with Refinitiv and Chainalysis, crypto compliance as well as an investigation software provider to monitor the crypto transactions in real-time and also potentially avoiding any illicit or criminal activity.
Nevertheless, Binance choosing to add IdentityMind partnership was mainly because the platform will enable them to comply with AML and KYC regulations worldwide. This was a significant step as Binance users are from more than 190 countries and regions.
Moreover, the crypto exchange has the ability of processing over 1.4 million orders in a second which makes it the largest exchange in the world by trade volume. Therefore, with the exchange's rapid expansion, naturally, compliance is more challenging and requires tightening given the fast-changing market.
With the partnership, Binance looks to foster trust among a plethora of financial institutions globally while stumping itself among the best cryptocurrency exchanges.