Iran May Lift Crypto Ban

Meanwhile, Iran has completed the development of legislation to issue its own national cryptocurrency
28 August 2018   333

The Central Bank of Iran is likely to lift the ban on cryptocurrencies and by the end of September to create legislation to regulate them. This is reported by Financial Tribune.

The first concerns the prevalent global cryptocurrencies. The High Council of Anti-Money Laundering has imposed a ban in light of concerns over global allegations of money laundering and financing of terrorism. But it seems that after the government's consideration, this blanket ban will be reviewed.

Nasser Hakimi

Deputy for innovative technologies, Cental Bank of Iran

In April, the Central Bank of Iran, guided by the ideas of combating money laundering, introduced a ban on trade in cryptocurrencies. In addition, this decision reflected the need to limit the possible use of digital tokens to support terrorist activities and perform other tasks related to the lack of appropriate regulation. However, this ban had only a temporary effect - soon the cryptoexchanges resumed operations, in connection with which the Central Bank again thought about the regulation of digital assets.

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.