Global Cryptocurrency exchange, Binance has teamed up with risk management and compliance firm IdentityMind to address data security and compliance measures. The partnership will work upon Binance’s global operations by allowing IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. As a global cryptocurrency exchange, Binance offers a platform for trading over 100 Cryptocurrencies. With this effort, Binance is considered as the biggest cryptocurrency across the world, since early 2018, in terms of trading volume.
Chief Compliance Officer at Binance, Samuel Lim said that the ultimate mission of the partnership is to foster greater trust among financial institutions worldwide, while also to evolve security systems in accordance with regulatory policies in countries operated by Binance. Ahead of this partnership, President and CEO of IdentityMind, Garrett Gafke stated that the tremendous trading volumes on Binance, claiming that the IdentityMind platform is designed to meet the scale demands of Binance’s global operations while also providing a risk evaluation system. Seated in Palo Alto, California, IdentityMind offers an online platform that develops, maintains, and assesses digital identities globally, as well as, provides risk management and anti-fraud services for global enterprises.
The new partnership follows the recent announcement of the alliance between IdentityMind and Binance-backed Over-the-Counter (OTC) desk Koi Trading with the purpose of jointly developing an AML compliance-as-a-service product dubbed as, Koi Compliance. Additionally, the reports noted that Binance’s token launch platform, Binance Launchpad, recently completed a USD4 million sale of Celer Network (CELR) tokens, following two other initial coin offerings (ICOs) –the BitTorrent (BTT) token sale in January and the Fetch.AI (FET) token sale in February.