Cryptocurrency exchange, Binance shared news about its partnership with IdentityMind, a risk management and compliance platform on 26 March.
Binance commenced by introducing IdentityMind as a RegTech compliance platform with Know Your Customer (KYC) and Anti-Money Laundering (AML) services. RegTech is a standard that promises to streamline regulations by providing technologically advanced solutions to compliance within the financial industry.
Samuel Lim, Chief Compliance Officer of Binance cited –
“The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.”
Binance conveyed that they have begun undertaking steps with IdentityMind to improve existing data protection for Binance’s global operations. Binance almost appears to be changing stance since it had previously avoided the strict compliance route chosen by other top exchanges.
Binance further added that IdentityMind’s platform enables digital currency exchanges to comply with KYC and AML regulations globally. IdentityMind’s compliance platform is the only real-time onboarding and transaction monitoring system built for digital currency exchanges. The platform also provides a case management solution.
Garrett Gafke, President and CEO of IdentityMind expressed that due to Binance’s substantial trading volumes and its rapid expansion plans, compliance is evidently more challenging. This is especially more challenging in the fast-changing market. Garrett clarified that IdentityMind’s patented digital identities engine meet the demand of Binance’s global operations.
Garrett further conveyed that IdentityMind also provides a highly accurate system for tracking any global risk factors from outside sources. He expressed IdentityMind’s enthusiasm to deliver the necessary tools that would allow Binance to continue growing and serve more users around the world.
Binance concluded by throwing more light on its industry engagements while also informing about IdentityMind. Binance Exchange is a leading global cryptocurrency exchange, with users from over 190 countries. The exchange is capable of processing more than 1.4 million orders per second.
Binance distinguishes as the largest crypto exchange by trade volume. IdentityMind, the creator of Trusted Digital Identities (TDIs), offers a service platform for online risk management and compliance automation.
Earlier this month, Binance announced the launch of Binance Lite Australia. The platform allows a seamless way to buy Bitcoin with cash in the land down under.
Likewise, Binance announced two new offerings for its Trust Wallet. Trust Wallet was empowered with support for credit card payments for digital coins. Another novel feature is the wallet’s support for Ripple’s coin (XRP), which users can now send, receive, store and exchange.