Binance to use IdentityMind solution for user compliance in cryptocurrency

IdentityMind, a risk management and RegTech compliance platform with Know Your Customer (KYC) and Anti-Money Laundering (AML) services, announced today its partnership with Binance, the popular cryptocurrency exchange.

Binance and IdentityMind have begun undertaking steps to improve existing data protection and compliance measures for Binance’s global operations. The IdentityMind risk and compliance platform enables real-time onboarding, transaction monitoring, and case management solutions built for exchanges to comply with KYC and AML regulations worldwide.

[perfectpullquote align=”full” bordertop=”false” cite=”Samuel Lim, Chief Compliance Officer of Binance” link=”” color=”” class=”” size=””]“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.”[/perfectpullquote]

[perfectpullquote align=”full” bordertop=”false” cite=”Garrett Gafke, President and CEO of IdentityMind” link=”” color=”” class=”” size=””]”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.”[/perfectpullquote]