The third deal in six weeks for Binance sees the platform attempt to make its regulatory stance watertight amid expansion.
Cryptocurrency exchange Binance has partnered with blockchain monitoring solutions provider Elliptic to boost its regulatory compliance as part of its international expansion, industry news outlet CoinDesk reported May 2.
As part of plans to ensure smooth operations in new countries with varying regulations on cryptocurrency, Binance will use Elliptic to ensure it can comply with various demands from authorities.
Specifically, CoinDesk references Binance’s chief compliance officer Samuel Lim as saying that the latest deal will focus on Anti-Money Laundering (AML).
Last month, the exchange also teamed up with blockchain analytics firm CipherTrace, also centering on AML, after regulators from Binance’s home jurisdiction of Malta approved its activities.
“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,” Lim said at the time. He continued:
“This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”
The deal followed yet another compliance-based move from Binance in March, which involved risk management startup IdentityMind.
As Cointelegraph reported, Binance is seeking to debut its decentralized trading ecosystem, dubbed Binance DEX, in full in the coming months.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.