Binance has partnered with risk management firm IdentityMind to address the exchange’s KYC and AML compliance.
The world’s largest crypto exchange, Binance, has partnered with risk management and compliance firm IdentityMind, Binance announced in a blog post on March 26.
The companies have teamed up to address data security and compliance measures for Binance’s global operations by enabling IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.
Samuel Lim, chief compliance officer at Binance, said that the ultimate mission of the partnership is to foster greater trust among financial institutions worldwide, while also to evolve security systems in accordance with regulatory policies in countries operated by Binance.
Garrett Gafke, president and CEO of IdentityMind, pointed out the tremendous trading volumes on Binance, claiming that the IdentityMind platform is designed to meet the scale demands of Binance’s global operations while also providing a risk evaluation system.
The newly announced partnership comes on the heels of the recent announcement of collaboration between IdentityMind and Binance-backed over-the-counter (OTC) desk Koi Trading. On March 12, the firms announced a partnership in order to jointly build an AML compliance-as-a-service product called Koi Compliance.
Recently, Binance’s token launch platform, Binance Launchpad, completed a $4 million sale of Celer Network (CELR) tokens, following two other initial coin offerings (ICOs) such as the BitTorrent (BTT) token sale in January and the Fetch.AI (FET) token sale in February.
On March 21, normally top-ranked exchange Binance was overtaken by two crypto exchanges on the adjusted trade volume cryptocurrency exchange rankings on CoinMarketCap, whose volumes were regarded by some researchers as fake.
