New York’s Refinitiv To Provide Know Your Customer (KYC) Software To Binance Crypto Exchange
One of the largest crypto exchanges, Binance, which makes more than $1.6 billion of crypto transactions in a day has announced that they are going to integrate know-your-customer (KYC) provided by Refinitiv.
This new partnership will allow Binance to recognize, shelter, and observe customer onboarding and remediation as Refinitiv executes a KYC-as-a-Service system. It will even present the delivery and streamlining of due diligence documentation from third parties.
We will provide an automated Know Your Customer (#KYC) application to @Binance, the world’s largest #cryptocurrency exchange by adjusted trade volume. @Refinitiv is proud to lead on KYC solutions in the cryptocurrency world. https://t.co/Tv7eSiOi9D #FightFinancialCrime pic.twitter.com/qlUn9rmBXj
— Refinitiv (@Refinitiv) November 20, 2018
Notably, this is the second major deal under the leadership of the Zhou. Just last month they partnered with blockchain security company Chainalysis to improve their AML systems and further legitimize the cryptocurrency industry.
Nadim Najjar, Managing Director, Middle East & Africa, Refinitiv added:
“We are proud to collaborate with Binance and lead on KYC solutions in the cryptocurrency world. Increasing regulations on the cryptocurrency market have led exchanges to establish KYC programs in order to comply with AML regulations. In the past few years, regulators have been working to ensure that anyone moving cryptocurrency into fiat currency is subject to the same KYC requirements as individuals dealing with a conventional bank.”
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. They provide data and insights, trading platforms, and open data and technology platforms that connect a flourishing global financial markets community that encourages performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. It is majority-owned by Blackstone Group and minority by Thomson Reuters.