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