Popular cryptocurrency exchange Binance has partnered with risk management and regulatory-technology compliance platform IdentityMind to improve its data protection and global compliance efforts in the fast-changing cryptocurrency scene. IdentityMind published a press release on Tuesday, March 26th announcing the partnership.
IdentityMind is a SaaS platform that specializes in fraud detection and prevention, Know Your Customer (KYC) and Anti-Money Laundering processes. the press release terms the partnership as “a joint mission to help raise the industry’s standard.”
IdentityMind was launched in 2014 to offer both banks and general financial institutions with due diligence solutions to combat fraud and terrorism acts by integrating KYC/AML procedures. The company soon ventured into cryptocurrency industry where it developed a service that would enable crypto-focused companies to become compliant with the stringent New York State’s BitLicense framework.
Few companies actually took advantage of the service but IdentityMind still offers the service to this day. The procedures and protocols put in place by the company have more often advised the efforts of several government agencies trying to regulate the crypto space.
Its partnership with Binance introduces the company to a new arena of cryptocurrency exchanges. The partnership is a natural fit. With Binance, IdentityMind will have the opportunity to make a greater impact on a global scale. Binance is the leading cryptocurrency exchange by daily adjusted trade volume and number of users. The exchange currently supports more than 100 cryptocurrencies on the global platform.
Binance has been on a roll over the past few months peddling the #Buidl development mantra that enables its platform to keep developing solutions for the industry. The partnership should go a long way in ensuring that the company expands while staying compliant to crypto regulations in as many countries as possible.
“The partnership […] further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide,” said Binance’s chief compliance officer Samuel Lim.