Venezuela to Limit New Exchange Launches

Venezuela's authorities may move to limit the number of exchanges that will be able to operate on its market
26 February 2018   526

According to the ten-page manual, related to the launch of the state crypto currency "petro", only 8 exchanges of crypto-currency can receive the necessary permission. This is reported by CoinDesk.

Familiar with the situation, the sources claim that the requirements imposed on the exchange are, in practice, even more stringent than those specified in the document.

Daniel Arraez, co-founder of BlinkTrade, engaged in the development of software for bitcoin exchanges, expects that at the initial stage the permit will receive less than 8 trading sites.

We feel the current regulation change is a positive change. We're already in conversations to operate as soon as possible. We feel the market is going to be safe and we can get operational guarantees to safeguard our customers' funds and safety.
 

Daniel Arraez

Co-founder, BlinkTrade

Earlier, Venezuelan President Nicholas Maduro stated that he was negotiating with 36 "the main cryptocurrency exchange houses in the world", but it is not yet known which exchanges are being discussed.

Nevertheless, the publication of this document suggests that among other measures to promote its national crypto currency "petro" Venezuela intends to establish control over the  crypto exchanges in its jurisdiction.

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   74

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.