China to Ban Crypto Events in Guangzhou’s Economic Zone

Such actions indicate a hostile attitude to the crypto industry by the Chinese authorities
29 August 2018   391

The Chinese authorities have banned the holding of promotional events dedicated to the cryptoindustry, in the zone of technical and economic development in Guangzhou. This is reported by South China Morning Post.

According to the government, these measures are aimed at "maintaining the security and stability of the financial system of the region." Note that the ban on holding crypto-events in office buildings, hotels and shopping centers was first introduced on August 17 by the Chaoyang authorities in Liaoning Province.

Such actions indicate a hostile attitude to the crypto industry by the Chinese authorities. Last week a number of local media published information that financial regulators intend to block access to 124 foreign crypto exchange sites providing services to residents of the country.

Private corporations also joined the tough cryptocurrency policy. For example, the messenger WeChat, developed by the technological giant Tencent, blocked media accounts related to blocking and cryptocurrencies. Also, the search giant Baidu began to censor and ban similar topics on the platform of Baidu Tieba.

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   95

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.