Binance looks to further boost compliance with CipherTrace partnership

• This partnership will help boost Binance’s anti-money laundering (AML) rules.
• CipherTrace is backed by venture firms such as Mike Novogratz’s Galaxy Digital. 

Malta-based exchange giants Binance has partnered with the blockchain analytics firm CipherTrace to improve its compliance procedures. This partnership will help boost Binance’s anti-money laundering (AML) rules. This is the latest in Binance’s bid to improve their overall compliance as it comes on the heels of their new partnership with IdentityMind on know-your-customer (KYC) compliance. Binance is also working with: 

• Chainalysis. 
• Former financial risk division of Thomson Reuters, Refinitiv.
• Blockchain Transparency Institute (BTI)

Samuel Lim, the chief compliance officer at Binance, said about the CipherTrace partnership:

“The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions. This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”

Dave Jevans, CEO of CipherTrace, stated:

“As one of the most trusted cryptocurrency exchanges on the globe, Binance is leading the way in AML compliance programs for the industry. With regulators in the world’s most progressive jurisdictions that encourage innovation also using CipherTrace to assess and monitor risks of licensed cryptocurrency businesses, we are looking forward to helping the crypto economy grow by raising the level of transparency and trust in the overall market. We expect many others to follow Binance’s lead and are excited to help pave the path.”