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Binance Partners with CipherTrace to Further Strengthen Compliance Culture

Binance Partners with CipherTrace to Further Strengthen Compliance Culture

MENLO PARK, Calif.–()–Blockchain security company CipherTrace
and Binance,
the largest cryptocurrency exchange by trading volume and users, today
announced their partnership to enhance the exchange’s robust anti-money
laundering (AML) compliance program. CipherTrace will raise Binance’s
compliance standards in line with a worldwide progression of
cryptocurrency regulations and developing frameworks.

“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,” said Samuel Lim, Chief
Compliance Officer of Binance. “This partnership will bolster our
existing world-class AML compliance program and help us expand into new
markets in the most compliant fashion.”

CipherTrace, also serving regulators, financial institutions and
auditors around the world, now hopes to empower Binance and its market
to further ensure trust and security in the broader industry.

“As one of the most trusted cryptocurrency exchanges on the globe,
Binance is leading the way in AML compliance programs for the industry,”
said Dave Jevans, CEO of CipherTrace. “With regulators in the world’s
most progressive jurisdictions that encourage innovation also using
CipherTrace to assess and monitor risks of licensed cryptocurrency
businesses, we are looking forward to helping the crypto economy grow by
raising the level of transparency and trust in the overall market. We
expect many others to follow Binance’s lead and are excited to help pave
the path.”

About CipherTrace

CipherTrace develops cryptocurrency Anti-Money Laundering,
cryptocurrency forensics, blockchain threat intelligence and regulatory
monitoring solutions. Leading exchanges, banks, investigators,
regulators and digital asset businesses use CipherTrace to trace
transaction flows and comply with regulatory anti-money laundering
requirements, fostering trust in the cryptocurrency economy. Its
quarterly CipherTrace Cryptocurrency Anti-Money Laundering Report has
become an authoritative industry data source.

CipherTrace was founded in 2015 by experienced Silicon Valley
entrepreneurs with deep expertise in cybersecurity, eCrime, payments,
banking, encryption, and virtual currencies. The U.S. Department of
Homeland Security (DHS) Science and Technology (S&T) and DARPA initially
funded CipherTrace, and it is backed by leading Silicon Valley venture
capital investors. For more information, visit: www.ciphertrace.com
and follow them on Twitter
and LinkedIn.

About Binance

Binance is a blockchain ecosystem comprised of Binance Exchange, Labs,
Launchpad, Info, Academy, Research, Trust Wallet and Charity.

Binance Exchange is the leading global cryptocurrency exchange, with
users from over 190 countries and regions. Capable of processing more
than 1.4 million orders per second, Binance is the largest crypto
exchange by trade volume and one of the fastest in the world. The
platform focuses on security, robustness, and execution speed —
attracting enthusiasts and professional traders alike. For more
information, visit: https://www.binance.com.

Published at Thu, 11 Apr 2019 13:00:00 +0000