Refinitiv, an American provider of infrastructure solutions for the financial market, will provide Binance with tools for automated user identification. This is reported in a press release.
According to representatives of Refinitiv, the cryptocurrency industry is in dire need of effective tools that promote compliance with the requirements of KYC (“Know Your Customer”). Cooperation with Binance will enable the largest crypto-exchange to integrate the World-Check solution into its internal operations. This will make interaction with customers and verification of their data more efficient, as well as reduce the risks associated with third parties.
We are proud to collaborate with Binance and lead on KYC solutions in the cryptocurrency world. Increasing regulations on the cryptocurrency market have led exchanges to establish KYC programs in order to comply with AML regulations. In the past few years, regulators have been working to ensure that anyone moving cryptocurrency into fiat currency is subject to the same KYC requirements as individuals dealing with a conventional bank.
Managing Director, Middle East & Africa, Refinitiv
Refinitiv, which in the past was a division of Thomson Reuters, collaborates with 40 000 companies from 190 countries, providing them with various financial and analytical solutions. At the end of last year, the company's revenue amounted to $ 11.3 billion.