Binance to Partner With CipherTrace

As reported, cooperation is aimed at strengthening the program on compliance with the laws on combating money laundering
12 April 2019   492

The leading cryptocurrency exchange Binance announced on Thursday, April 11th, a partnership with the cybersecurity company and analytics of the blockchain-based networks CipherTrace. As stated by the exchange, cooperation is aimed at strengthening the program on compliance with the laws on combating money laundering (AML).

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. This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.
 

Samuel Lim

Chief Compliance Officer, Binance

CipherTrace uses machine learning to de-anonymize transactions in blockchains and control cash flow. The company's products are already used by governments, regulators, law enforcement agencies and auditors engaged in the fight against money laundering and tracking of criminal activities.

As one of the most trusted cryptocurrency exchanges on the globe, Binance is leading the way in AML compliance programs for the industry. 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.
 

Dave Jevans

CEO, CipherTrace

In February 2019, CipherTrace raised $ 15 million in funding from Galaxy Digital Mike Novograc and several other investors. 

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   172

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.