Binance, which is one of the largest exchanges, and arguably the topmost centralized crypto exchange in the market, has recently teamed up with IdentityMind, a firm involved in risk management and compliance services. This announcement came through a blog post from the exchange’s official account on 26th March, 2019.
The two firms have decided to partner with one another in order to take care of the data security needs and requisite compliance measures for the crypto exchange’s global operations. For its KYC/AML (know you customer and anti money laundering) requirements, Binance will be depending on tools created by IdentityMind.
Binance exchange’s chief compliance officer Samuel Lim noted that the ultimate aim of this deal was to encourage a greater degree of trust among financial institutions around the world, while also creating security systems that meet both security needs and regulatory needs relevant to the country of operation.
“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.”
IdentityMind’s CEO and President Garrett Gafke, highlighted how his company is capable of meeting the needs of the large trading volumes handled by Binance. He said:
“With Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market. Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance’s global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions. We are excited to provide the necessary tools that will allow them to continue growing and serving more users around the world in a secure and compliant manner.”
IdentityMind has also recently collaborated with Koi Trading, the over-the-counter (OTC) trading desk backed by Binance itself. With the official partnership with Binance, it basically takes the premise of its earlier partnership forward. The move will hopefully effect a positive change in how crypto exchanges handle their compliance needs and security.