Binance’s Compliance Generate Continues With New Elliptic Partnership

Cryptocurrency exchange Binance is continuing to ramp up its regulatory compliance attempts.

The exchange has now partnered with blockchain analytics startup Elliptic to raise its compliance and security abilities, Elliptic introduced Thursday. The new partnership – the 3rd relating to compliance in the previous two months – will assistance Binance overcome revenue laundering as it grows into new jurisdictions, the exchange’s chief compliance officer Samuel Lim said.

Elliptic’s program helps determine potential transactions connected to illicit pursuits this sort of as revenue laundering and terrorist funding, and is claimed to have monitored risks for transactions value “several trillion pounds.”

Very last thirty day period, Binance also partnered with blockchain analytics agency CipherTrace to enhance its anti-revenue laundering processes like tracing the supply of on-chain money and matching person identities to problematic wallet addresses.

The exchange also works with IdentityMind on know-your-consumer (KYC) compliance, thanks to a offer signed in March, as nicely as with Chainalysis, Refinitiv (previously the economic chance division of Thomson Reuters) and the Blockchain Transparency Institute for its compliance and details security attempts.

Binance was recently recognized as having a “high” regulatory chance centered on “exposure to nameless activity” by reg-tech startup Coinfirm. The exchange’s KYC processes were being also said to be “the industry’s least demanding,” according to a Bloomberg report previous calendar year.

Given that then, the exchange has been addressing that perceived shortfall in methods.

“We are pretty significant about increasing our compliance benchmarks. We will continue on to establish our [compliance] crew, continue on to re-spend in the compliance house,” Lim advised CoinDesk previous thirty day period, adding:

“Compliance is constantly a quest, you are constantly on a journey to enhance your compliance.”

Binance image through Shutterstock