Crypto Exchange Binance To Strengthen AML Compliance With Elliptic Partnership

News | May 3, 2019 By:

Binance, one of the world’s largest cryptocurrency exchanges, has partnered with blockchain analytics startup Elliptic to improve its regulatory compliance measures.

Founded in 2013, Elliptic makes cryptocurrency transaction activity more transparent and accountable. The company believes that illicit activity in cryptocurrencies must be disrupted to stop criminals from undermining the ideals on which cryptocurrencies are built. Elliptic’s proprietary database delivers auditable proof of identity for millions of bitcoin and ethereum addresses across thousands of real world entities.

The Elliptic partnership will reportedly help Binance mitigate anti-money laundering (AML) concerns as it expands into new jurisdictions.

“Both the breadth and depth of Elliptic’s capabilities and experience speak for themselves,” said Binance chief compliance officer Samuel Lim. “We are pleased to be working with them to combat money laundering together and further promote the freedom of money.”

Elliptic claims that to date, it has assessed risks for transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.

“It’s a privilege to partner with Binance to provide them with access to our advanced transaction monitoring system,” said James Smith, co-founder and CEO of Elliptic. “Binance is making a serious commitment to delivering trusted services, and this collaboration marks another step in ensuring that the cryptocurrency industry is more secure with fast-developing technology.”

Earlier this month, Binance announced a similar partnership with blockchain security company CipherTrace to raise its compliance standards in line with global cryptocurrency regulations and developing frameworks.