Crypto Exchange Binance And CipherTrace Join Forces In A Compliance-Strengthening Partnership

Crypto Exchange Binance And CipherTrace Join Forces In A Compliance-Strengthening Partnership

Nothing attracts users more than a crypto exchange operating within the stipulated regulations. Compliance with regulations does not only make users feel comfortable, but they know for sure that they are secure.

Perhaps, with the number of recent partnerships that the largest crypto exchange by trading volume, Binance is making, clearly, suggest that the exchange is aware what needs to be done to remain at the top of the game.

Binance Committed To AML Compliance

A few weeks later after partnering with a risk management and regulatory compliance platform, IdentityMind, today the Malta-based crypto exchange giant Binance has announced a partnership with the Silicon Valley-based blockchain forensics firm CipherTrace.

The teaming up will help Binance make its trading venue well equipped to remain compliant with regulations.

Since the industry is unregulated, the crypto exchanges like Binance are keen on ensuring that they make the process as smooth as possible to comply with the existing as well as eventual financial regulations.

The companies will be working together to improve the exchange's Anti-Money Laundering (AML) compliance program. Speaking about the partnership, the chief compliance officer of Binance Samuel Lim said that choosing CipherTrace as an on-chain security solution will significantly help the exchange build great trust with its users.

CipherTrace Expands Its Wings

CipherTrace has already made some high-profile partnerships as well. For instance, it's merely last month that they partnered with MFSA, the country's financial regulatory agency and was enlisted to assist audit crypto asset services operating within the nation's jurisdiction as well as make sure crypto transactions are free of money laundering.

Now the partnership with Binance will help the company to raise its level of transparency as well as trust in the overall market.

Nonetheless, Binance already has an existing AML compliance program, and hence CipherTrace will help expand into new markets in an excellent compliant fashion. Moreover, it will help the exchange secure better treatment from local as well as global regulators.

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