Original Article:
Cryptocurrency exchange Binance has announced a new partnership with a RegTech firm to improve its compliance and data security measures.
The company has teamed up with Coinfirm, which provides blockchain AML (Anti-Money Laundering) and KYC (Know Your Customer) services, to help it meet regulatory standards in the jurisdictions it operates in. The partnership will also allow Binance to use Coinfirm’s real-time risk score analysis, which can help it manage risk more effectively.
Binance has been making efforts to improve its compliance measures in recent months, following criticism from regulators in several countries. In June, the UK’s Financial Conduct Authority (FCA) issued a warning to Binance, telling it to stop all regulated activity in the country. The exchange has also faced regulatory scrutiny in other countries including Japan and Canada.
The partnership with Coinfirm is part of Binance’s broader strategy to enhance its compliance and risk management capabilities. The exchange is also working with other RegTech firms and has recently launched a new compliance training program for its staff.
Rewritten Article:
Key Points
- Binance has partnered with RegTech firm Coinfirm to enhance its compliance and data security measures.
- The partnership aims to help Binance meet regulatory standards and manage risk more effectively.
Binance Enhances Compliance Measures
Cryptocurrency exchange Binance has formed a new alliance with a RegTech company aiming to bolster its compliance and data protection measures.
The partnership with Coinfirm, a provider of blockchain AML (Anti-Money Laundering) and KYC (Know Your Customer) services, is intended to assist Binance in meeting regulatory standards in the regions it operates.
Addressing Regulatory Scrutiny
Binance has been striving to upgrade its compliance measures in recent times, in response to criticism from regulators in multiple countries.
In June, the UK’s Financial Conduct Authority (FCA) issued a warning to Binance, instructing it to cease all regulated activity in the nation. The exchange has also been under regulatory scrutiny in other countries such as Japan and Canada.
The collaboration with Coinfirm is a part of Binance’s wider strategy to boost its compliance and risk management capabilities.
Apart from Coinfirm, the exchange is also collaborating with other RegTech companies and has recently initiated a new compliance training program for its employees.
