Koi Trading OTC Crypto Exchange Partners with IdentityMind for Compliance and AML/KYC Services


The over-the-counter (OTC) desk Koin Trading, has recently partnered with IdentityMind in order to work on an Anti-Money Laundering (AML) compliance-as-a-service product. The information was released by IdentityMind in a press release on March 12. Koi Trading is the OTC company backed by Binance, the largest digital asset exchange in the market in terms of trading volume.

Koi Trading and IdentityMind Sign New Partnership

IdentityMind, a platform for online risk management, is now working with Koi Trading to release a new AML service. The main intention is to target money services businesses that work with digital assets. In this way, firms will be able to conduct their business and leave AML issues to Koi Trading and IdentityMind.

Koi Compliance will be pairing its legal expertise and compliance analysts with the platform developed by IdentityMind. In this way, they will be supporting 35 different digital assets worldwide. These firms will not only perform AML practices, but they will also be leveraging industry best practices related to Know Your Customer (KYC), transaction monitoring and sanctions screening, among other things.

Harry Zhou, the General Counsel and Chief Compliance Officer for Koi Trading, commented:

“When we first set out to help companies with compliance, we immediately chose IdentityMind as our primary platform. IdentityMind’s immense experience in digital currency and their risk-based AML solutions enable Koi Compliance to provide the best technology-driven digital currency AML compliance services for exchanges, OTC desks and stablecoin projects that face rapidly evolving regulatory landscapes around the world.”

Koi Trading has trading desks in San Francisco, Hong Kong, and also in Beijing. It allows institutional investors and larger traders to have access to the crypto and blockchain markets.

Meanwhile, IdentityMind offers a SaaS platform related to online risk management and also compliance automation. The firm allows companies to track entities involved in each transaction and build payment reputations.

Back in November 2018, Koi Trading received $3 million from Binance Labs, the incubator arm of the digital asset exchange. Binance aims at using the firm’s services in the future. In the last 24 hours, Binance registered a trading volume of $1.09 billion.

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