Cryptocurrency Exchange Binance Selects Refinitiv For KYC Automation

News | November 21, 2018 By:

Crypto exchange Binance has selected financial markets data and infrastructure provider Refinitiv to implement automated know your customer (KYC) procedures.

Refinitiv, formerly the Financial & Risk business of Thomson Reuters, provides information, insights, and technology that drive innovation and performance in global markets. The company has an annual turnover of $6 billion with over 40,000 client companies in 190 countries.

Refinitiv’s KYC solution will reportedly enable Binance to integrate the advanced functionalities of World-Check into its internal workflow. This will allow Binance to identify, screen, and monitor client onboarding and remediation. The solution also provides the distribution and streamlining of due diligence documentation from third parties.

“As we continue to grow our business globally, we will also continue to grow our compliance competency by partnering with well-recognized market leaders for KYC solutions,” said Wei Zhou, CFO at Binance. “Following existing anti-Money laundering (AML) standards in the fiat world and incorporating advanced third-party transaction monitoring tools, as well as our own proprietary tools, will help us build trust with regulators and financial institutions.”

Refinitiv’s KYC as a Service is underpinned by a global policy that has been stress tested with over 100 regulators and financial institutions. It also integrates trusted legal entity information from authoritative sources in over 200 countries and 60 languages.

“We are proud to collaborate with Binance and lead on KYC solutions in the cryptocurrency world,” said Nadim Najjar, Managing Director, Middle East & Africa, Refinitiv. “Increasing regulations on the cryptocurrency market have led exchanges to establish KYC programs in order to comply with AML regulations. In the past few years, regulators have been working to ensure that anyone moving cryptocurrency into fiat currency is subject to the same KYC requirements as individuals dealing with a conventional bank.”

Binance is one of most popular and one of the fastest crypto exchange platforms in the world, capable of processing over 1.4 million orders per second. The company was founded in China, but moved its servers and headquarters out of the country and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017. It also has offices in Malta, Jersey, Singapore and South Korea.