Western Union Tests Transactions With Ripple

The largest money transfer service Western Union is testing blockchain-based payments with Ripple  
14 February 2018   766

During an interview with Bloomberg, Western Union CFO Raj Agrawal confirmed that the company tested the blockchain transactions. According to him, the transactions are still being tested. This cooperation did not appear to produce any significant changes in Western Union’s operations. This testing is not a key part of the business.

The company unveiled this information after more than a month of speculation. An insider claimed that Western Union was working with Ripple. In January, Ripple stated that “3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018”. This statement also raised the speculation that Western Union is already testing XRP integration.

Earlier this week, Ripple confirmed a partnership with UAE Exchange, one of the largest money transfer services in the Middle East.

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.