According to a press release on Wednesday 17th October, Crypto compliance provider and chainalysis declared its partnership with exchange binance for them to enhance its detection of suspicious transactions.
The world’s current largest cryptocurrency exchange by volume is binance and it proceeds on increasing into different foreign markets, being required to adhere to each jurisdiction’s anti-money laundering and know your customer regulations.
The firm claims that chainalysis eases this procedure through the utilization of real-time monitoring to track the origin of each transaction made on binance’s platform.
The press release notes that the solution, which is also known as know your transaction saw its first release in April.
“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users,” Jonathan Levin, co-founder and COO of Chainalysis commented in the press release, including that:
“We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.”
This year has seen many different popular exchange platforms like P2P ecosystem Localbitcoin presenting additional compliance measures, some of which have jarred with cryptocurrency clients that prefer anonymity. Also in September, shapeshift presented a membership program which will slowly become mandatory and need the provision of “basic” personal information.
Clarifying its own implementation of AML and KYC regulations, Binance claimed that these measures are needed to allow further expansion.
“Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally while adhering to regulatory mandates in the countries we serve,” Binance CFO Wei Zhou said.