Rakuten And CipherTrace Sign Partnership To Introduce AML Processes For New Crypto Exchange

Rakuten And CipherTrace Sign Partnership To Introduce AML Processes For New Crypto Exchange

A Japanese subsidiary of the e-commerce giant Rakuten, will be working with the blockchain analytics firm CipherTrace to offer AML solutions for a new crypto exchange. The information was released by CipherTrace on Wednesday explaining that it will help ensure sound anti-money laundering (AML) processes.

Rakuten Works With CipherTrace On An AML Solution

Rakuten informed that it was accepting registrations for its crypto exchange to users that already have an account at Rakuten Bank or that have a Rakuten member ID. Nonetheless, the platform was not yet opened for the general public.

According to Yoshiano Kiyama, regulatory compliance and anti-money laundering protections are very important for the platform and CipherTrace is expected to provide the necessary tools about it.

Dave Jevans, the CEO of CipherTrace, explained that they have made significant strides as an industry in order to make the market grow and become more trustable.

Jevans commented about it:

“Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market.”

Rakuten Wallet is working in order to launch an exchange just the next month. The new trading platform is expected to allow users to trade digital assets using a smartphone application. Additionally, it should be free of charge for customers to open an account on the platform and security will be very important for the exchange. During the last years, several exchanges have been affected by hacks and attacks from different hackers and scammers, resulting in the loss of several millions of dollars from users.

The Japanese regulatory agency, the Financial Services Agency (FSA), will require crypto exchanges to strengthen their internal supervision of cold wallets. Coincheck, one of the largest Japanese exchanges was hacked back in January 2018 and it lost $500 million worth of NEM (XEM) coins at that time.