Binance is trending for all the right reasons.
Binance is once again in the loop. The exchange recently announced a partnership with a crypto startup Coinfirm. The firm made this announcement via a press release on October 3, 2019. The partnership will help in fulfilling crypto AML regulations.
In the release, Binance also expresses hope the new partnership will help “thwart money laundering attempts.” And “allow the exchange to take quickly informed decisions on transactions to better protect the crypto economy as a whole.”
“We’re excited to be working with an industry leader like Binance to boost its AML and risk analysis capabilities with our proprietary technology and widest blockchain coverage,” said Pawel Kuskowski, Co-Founder and CEO of Coinfirm.
In turn, Binance believes that Coinfirm’s leading solutions “will help us and the industry evolve in a fast-changing and developing market while allowing for comprehensive and institutional growth in a compliant and safe manner.”
The new partnership is noteworthy as Binance has not had a completely smooth ride to fame. In fact, the community is still reminiscent of the recent scandal pertaining to KYCs leak.
Concurrently, the golden AML rule of the FATF is that crypto operators are expected to confirm the identities of both senders and recipients of crypto assets. They are also to confirm the source of the crypto to show that they weren’t gotten through illegal means. FATF also mandates crypto exchanges to develop risk-based programs, exposing any crypto-based risk and taking immediate action. Coinfirm’s products will help analyze AML risk for over 1,200 cryptocurrencies on Binance.
This isn’t Binance’s first AML partnership. The exchange has once partnered with firms like Elliptic and CipherTracein. Binance is also not the only firm looking to harness the potential of Coinfirm. Ripple also partnered with the startup to ensure XRP’s total compliance with AML provisions.
Most recently, Altcoin Buzz reported that Binance trust wallet launches the DeFi platform.