Binance And Chainalysis Team Up To Develop A Global Crypto Compliance Solution

Binance partners with Chainalysis, crypto compliance and investigation software provider to bring forth a global cryptocurrency compliance solution.

Know Your Transaction

Binance’s CFO, Wei Zhou hopes this move taken by them would ‘inspire’ the crypto exchanges around the world to consider the Anti-money Laundering and anti-terrorism seriously. With this partnership Chainalysis, the leading investigation software provider would provide a “Know Your Transaction” compliance software to Binance, world’s biggest exchange.

The ultimate goal of our partnership with Chainalysis is to create an environment in blockchain where everyone feels safe. We believe the fight against money laundering to be collaborative and proactive.

Binance has been an outstanding firm, leading by example setting up charities and being an exchange to look up to. It has also hired compliance professionals and invested in KYC and AML compliance. Moreover, the CFO said,

Criminals are always looking to loopholes in the system. So we are continuously on the lookout for new technologies and methods. Basically, to combat money laundering and malicious actors.

Chainalysis works by using a mixture of pattern recognition, different open source, proprietary algorithms to process crypto services and transactions. If any suspicious activity is noticed, the transaction will be flagged by the software. Apart from this, the tool can also help the KYC process as well as the AML compliance process. Moreover, Co-Founder of Chainalysis, Jonathan Levin says

The participants in the crypto-space must develop greater trust in the data and technology. That must underly our ecosystem in order for them to advance as a group.

Continued, “By working with industry leaders like Binance, we’re able to mold the foundation for credible and robust markets in all jurisdictions.” Chainalysis provides support to over 150 leading cryptocurrency business, financial and government institutions.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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