Main Page > Blog >

 

Binance Partners with Coinfirm to Protect the Global Cryptocurrency Economy and Ensure Compliance with FATF AML Rules

Oct 04, 2019

About Us

Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.



Follow Us

blog-image

Binance--the leading global cryptocurrency exchange and blockchain ecosystem--and Coinfirm--an international regulation technology company-- announced their partnership to address the recently issued guidelines on anti-money laundering (AML) rules by the Financial Action Task Force (FATF).

Binance will integrate Coinfirm’s blockchain agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world. Coinfirm’s real-time risk score analysis, alerts and investigations system, built on blockchain agnostic platform will help Binance thwart money laundering attempts and allow the exchange to take quickly informed decisions on transactions to better protect the crypto economy as a whole.

“We’re excited to be working with an industry leader like Binance to boost its AML and risk analysis capabilities with our proprietary technology and widest blockchain coverage,” said Pawel Kuskowski, Co-Founder and CEO of Coinfirm. “Coinfirm and Binance have mutual values in ensuring trust and security for cryptocurrencies and we are confident in bringing that to the market together. With Binance’s focus on providing the best user experience while attaining the highest AML and security standards, this partnership marks another step forward in their leadership in the market.”

Coinfirm’s AML and blockchain analytics solution will enhance Binance’s internal AML and risk analysis processes, aiming to set forth a robust framework for cryptocurrencies to be even further adoptable within mass markets globally.

“With new and more expansive AML and regulatory standards being put in place across the globe and governmental bodies such as the FATF placing new rules on the market in order to ensure sustainable growth of the market, we are looking forward to our collaboration with Coinfirm,” said Samuel Lim, Chief Compliance Officer. “We trust that Coinfirm and its leading solutions will help us and the industry evolve in a fast-changing and developing market while allowing for comprehensive and institutional growth in a compliant and safe manner.”

Coinfirm’s automated, real-time blockchain analytics powered by its 200 proprietary algorithms and over 300 risk evaluation scenarios will enable Binance to assess and analyze AML risk across the company’s largest market covering more than 1,200 cryptocurrencies, tokens and diverse blockchains, such as BTC, ETH and ERC-20 tokens, as well as the only provider of the recently integrated XRP.

About Binance Exchange

Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions. Capable of processing more than 1.4 million orders per second, Binance is one of the fastest cryptocurrency trading platforms 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

About Coinfirm

Coinfirm is a global leader in AML & Risk Analytics for blockchains and cryptocurrencies. With the largest blockchain coverage of over 1200+ cryptocurrencies supported including BTC, ETH, ERC20 tokens, Dash, NEO, Hyperledger, LTC and first in the world integrated XRP, our AML solutions are used by over 140+ global clients ranging from crypto exchanges and protocols to major financial institutions. To get the latest company updates follow us on Twitter, Linkedin and like our Facebook page. For more information, visit https://www.coinfirm.com/