Binance Teams Up With Elliptic to Bolster AML Compliance

As part of its efforts to be regulatory compliant, Malta-based crypto exchange Binance has partnered with Blockchain startup Elliptic. According to a Coindesk report, the partnership will help Binance mitigate anti-money laundering (AML) concerns as it expands into new regions.

Binance announced a similar partnership with cyber security firm CipherTrace on April 11, describing it as a step towards achieving proper AML compliance.

In the company’s announcement, its Chief Compliance Officer Samuel Lim said, “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.”

The exchange has also partnered with risk management firm IdentityMind to the same end.

This article originally appeared on Bitcoin Magazine.

Via: Binance Teams Up With Elliptic to Bolster AML Compliance

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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Via: Binance Teams Up With Elliptic to Bolster AML Compliance

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