Binance enters into agreement with IdentityMind to improve control over platform operations
Cryptocurrency exchange Binance this Tuesday announced an agreement with IdentityMind to help it comply with regulatory requirements and improve data security..
IdentityMind gives cryptocurrency exchanges access to a platform through which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions..
“At the heart of our risk management and compliance platform is a patented digital identity engine that meets Binance’s global operations at scale and provides access to a highly accurate system to assess any global risk factors from outside participants,” said CEO IdentityMind Garrett Hafke.
Last year, Bloomberg wrote about Binance’s user identification system as “the least stringent in the entire industry,” and linked the risks of money laundering and market manipulation to the exchange’s “level of anonymity”.
In October, Binance entered into an agreement with blockchain transaction analysis software provider Chainalysis, and in November with Refinitiv, which developed an automated customer verification solution..
The exchange did not specify whether ordinary users of the platform will feel the impact of the integration of IdentityMind tools..
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