Binance Collaborates With CipherTrace, a Blockchain Analytics Company, to Improve AML
Binance, arguably the world’s largest cryptocurrency exchange by trading volume, revealed its partnership with CipherTrace, a blockchain analytics firm.
According to the press release, the collaboration intends to bolster the firm’s regulatory compliance by improving its AML (Anti-Money Laundering) measures. Furthermore, CipherTrace assists financial institutions, regulators and auditors.
Back in March, the Malta Financial Services Authority has signed up with the company to track activity of crypto businesses in Malta. Dave Jevans, CEO of CipherTrace, also emphasized the importance of transparency in gaining market’s trust.
By January end, CipherTrace published a report divulging that roughly $1.70 billion in cryptos had been acquired through illicit ways in 2018 and $950 million worth cryptos in the aforesaid amount represents assets stolen from cryptocurrency exchanges. That is a 3.6x increase from 2017.
Binance CEO Changpeng Zhao recently announced that the company will unveil its decentralized trading platform by this month end. In other news, Bithumb, the popular South Korean cryptocurrency exchange, disclosed that a profession external audit has been performed after 14 billion won ($13 million) worth crypto was lost in an incident which executives believe to have been orchestrated by an insider.