Crypto Exchange Binance Teams With IdentityMind To Enhance KYC And AML Compliance

News | March 27, 2019 By:

Crypto compliance platform IdentityMind has teamed with crypto exchange Binance to improve existing data protection and compliance measures for Binance’s global operations.

IdentityMind is a provider of anti-money laundering (AML) and compliance services for bitcoin and crypto companies, and offers an advanced compliance platform for digital currencies.

IdentityMind will be working with Binance to help improve the exchange’s approach to KYC and AML processes. Binance will be utilizing IdentityMind’s risk and compliance platform, which will allow Binance to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering.

“The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it,” said Samuel Lim, Chief Compliance Officer of Binance. “We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.”

Garrett Gafke, President and CEO of IdentityMind, said that with Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market.

“Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance’s global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions,” said Gafke. “We are excited to provide the necessary tools that will allow them to continue growing and serving more users around the world in a secure and compliant manner.”