Binance to Purchase Trust Wallet

Trust Wallet allows its users to store more than 20 thousand tokens based on Ethereum
01 August 2018   398

Binance Exchange announced the purchase of Trust Wallet, which allows its users to store more than 20 thousand tokens based on Ethereum. This is reported by Crypto Bloomberg.

The users control 100 percent of their funds. Now we have both a decentralized and centralized solution for custody.

Zhao Changpeng

Chief Executive Officer, Binance

As reported, Trust Wallet doesn’t access user wallets or hold private keys, the codes that let investors spend their coins.

The amount of the transaction was not disclosed, but Jao said that the value of the firm was small because of the narrow customer base. He also added that Binance intends to acquire several more companies and is already negotiating with some.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   110

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.