Blockchain security company CipherTrace and Binance, the largest cryptocurrency exchange by trading volume and users, today announced their partnership to enhance the exchange’s robust anti-money laundering (AML) compliance program.
CipherTrace will raise Binance’s compliance standards in line with a worldwide progression of cryptocurrency regulations and developing frameworks. CipherTrace, also serving regulators, financial institutions and auditors around the world, now hopes to empower Binance and its market to further ensure trust and security in the broader industry.
“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.”
“As one of the most trusted cryptocurrency exchanges on the globe, Binance is leading the way in AML compliance programs for the industry. With regulators in the world’s most progressive jurisdictions that encourage innovation also using CipherTrace to assess and monitor risks of licensed cryptocurrency businesses, we are looking forward to helping the crypto economy grow by raising the level of transparency and trust in the overall market. We expect many others to follow Binance’s lead and are excited to help pave the path.”