Binance Taps IdentityMind for KYC and AML Solutions
- Digital assets operators, including crypto exchanges, are increasingly turning to third-party compliance providers.
Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, has partnered up with IdentityMind to integrate their KYC and AML services.
The new partnership will help streamline existing data protection and compliance measures for Binance’s global operations by incorporating IdentityMind’s compliance, risk management, and fraud prevention solutions.
"With Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market,” said Garrett Gafke, CEO of IdentityMind.
Binance recently launched its new subsidiary Binance Lite Australia which allows Australian users to buy bitcoin with cash. The crypto venue has also enabled users to buy cryptocurrencies with their credit cards through a new partnership with Simplex, an Israeli-based credit card Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processing company.
Enormous regulatory overhead
IdentityMind provides a SaaS platform that uses AI and machine learning to help compliance teams at crypto firms enhance their risk management for supervising communications and automatically detect suspicious activity like money laundering and market manipulation. The product also analyzes digital identities to enable companies to carry out identity proofing, risk-based authentication, regulatory identification, and to prevent identity fraud.
The cross-border and stateless nature of cryptocurrencies throws up different challenges to regulators, even if they decide to devise formal guidelines to govern the asset class. As such, digital assets operators, including crypto exchanges, are increasingly turning to compliance solutions to help provide background checks on their customers as they find themselves under increasing scrutiny from regulators over possible violation of securities and AML rules.
Commenting on the news, Samuel Lim, Chief Compliance Officer of Binance, said: “The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term ecosystem and grow it.”
“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,” added CEO of IdentityMind.
Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, has partnered up with IdentityMind to integrate their KYC and AML services.
The new partnership will help streamline existing data protection and compliance measures for Binance’s global operations by incorporating IdentityMind’s compliance, risk management, and fraud prevention solutions.
"With Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market,” said Garrett Gafke, CEO of IdentityMind.
Binance recently launched its new subsidiary Binance Lite Australia which allows Australian users to buy bitcoin with cash. The crypto venue has also enabled users to buy cryptocurrencies with their credit cards through a new partnership with Simplex, an Israeli-based credit card Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term processing company.
Enormous regulatory overhead
IdentityMind provides a SaaS platform that uses AI and machine learning to help compliance teams at crypto firms enhance their risk management for supervising communications and automatically detect suspicious activity like money laundering and market manipulation. The product also analyzes digital identities to enable companies to carry out identity proofing, risk-based authentication, regulatory identification, and to prevent identity fraud.
The cross-border and stateless nature of cryptocurrencies throws up different challenges to regulators, even if they decide to devise formal guidelines to govern the asset class. As such, digital assets operators, including crypto exchanges, are increasingly turning to compliance solutions to help provide background checks on their customers as they find themselves under increasing scrutiny from regulators over possible violation of securities and AML rules.
Commenting on the news, Samuel Lim, Chief Compliance Officer of Binance, said: “The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term ecosystem and grow it.”
“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,” added CEO of IdentityMind.