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   753

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 Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.