Binance Korea will be monitoring activity on its platform for signs of money laundering based on a solution developed by Coinfirm.
On June 1 an announcement was made stating that will help Binance Korea remain compliant with Anti-Money Laundering (AML) regulations from the Financial Action Task Force’s Travel Rule.
Coinfirm provides a blockchain-agnostic AML platform offered to various institutions dealing with cryptocurrencies.
Coinfirm’s previous clients included European banks, blockchain projects such as XRP and RSK, custodians such as Xapo as well as the government of Gibraltar.
Meanwhile, Binance had already integrated Coinfirm’s solution on its main platform back in October. The main Binance platform generally maintains a minimal compliance burden.
The exchange prefers to open distinct branches in countries where this approach may not work, such as the United States.
This is the first usage of Coinfirm’s compliance solution on a national Binance platform.
It is unclear how the Coinfirm integration will be felt by the exchange’s end users.
Grant Blaisdell, a co-founder of Coinfirm said that the suite allows for real-time monitoring, which can be used as a basis to block certain funds, such as those coming from hacks.
“At the end of the day it’s up to Binance’s compliance team what they do action wise with the data and results they’re provided.”
Source: Cointelegraph | Image: Unsplash
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.