Blockbid Exchange to collaborate with LexisNexis Firm

Australia’s Blockbid crypto trading firm has reached a successes again in blockchain being the first exchange to partner with a traditional risk management firm
17 June 2018   1178

The exchange is aimed on conducting more effective Know-your-customer (KYC) and Anti Money Laundering (AML) operations. With the new alliance, Blockbid will process its operations using the ThreatMetrix 1.4 billion reliable identity database with that of LexisNexis.

While the Cryptospace is yet to receive the full backing of authorities totally, the burgeoning digital assets ecosystem is making progress towards going mainstream in the near future and big whales in the industry have been taking significant stages to make the high-grade services present in the traditional finance industry, acceptable to bitcoin-based businesses. 

This deal is a great example of trying to bring the type of bank-grade capabilities to the cryptocurrency world that we’ve offered in banks around the world for decades.
Thomas Brown
Senior Vice President, LexisNexis

LexisNexis acquired ThreatMetrix for $817 million in January, in order to continue its activity in the risk and business analytics sphere.

ThreatMetrix is widely recognized as a leader in the digital identity space. Bringing that together with our own strengths in physical identity attributes will give our clients across all forms of commerce and geographies a more reliable, comprehensive approach to fraud and identity risk management while maintaining the privacy and security principles our customers have come to expect.
Mark Kelsey
Risk & Business Analytics CEO, LexisNexis

The Blockbid partnership with LexisNexis will be extremely profitable for the exchange as all its KYC/AML concerns will be taken care of because the Melbourne-based exchange will also have access to a huge number of data pools with which it would identify and legitimize the clients` information.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   333

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.