Binance Partners With Elliptic For AML Compliance Needs

Binance, one of the top cryptocurrency exchanges in the market, has tied up with Elliptic, a blockchain monitoring solutions company to improve upon its regulatory compliance. With this partnership in place, Binance is expected to have significantly improved its anti money laundering measures. This latest development seems to be a part of Binance’s move to expand internationally.

As Binance begins to operate in several different countries at the same time, it is expected to run into regulatory roadblocks of various kinds. With its newly gotten partner Elliptic, Binance can easily remain above board as far as its compliance needs in various countries are concerned.

As per reports, it seems that Samuel Lim, the chief compliance officer of Binance, has mentioned how this latest deal will focus primarily on regulatory needs connected to anti money laundering (AML) regulations. Considering the crypto scene is often fraught with many regulatory discrepancies, this move by Binance seems to be quite well-placed.

In the past month, this top crypto exchange has also moved into a partnership with CipherTrace, a blockchain analytics firm, which also works on anti money laundering solutions. Binance is currently headquartered in the crypto-friendly “blockchain hub” Malta and only after its government approved of CipherTrace, did Binance go ahead with the partnership.

About that partnership, Lim had made the following statement:

“The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions. This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”

In the month of March, the exchange also collaborated with risk management startup IdentityMind.