Binance, a leading global cryptocurrency exchange and blockchain ecosystem has partnered with Coinfirm, a global regulatory technology company for blockchain to provide anti-money laundering compliance solutions to Binance Korea. Based on Binance’s new infrastructure for launching digital asset exchanges called Binance Cloud, Binance Korea opened up in April. The integration comes not long after Binance and Coinfirm announced their wider AML partnership to address the guidelines on anti-money laundering rules by the Financial Action Task Force (FATF) and its Travel Rule.
Binance KR’s MLRO Jaewon Baek, stated, “Coinfirm has one of the most advanced analysis systems and data on virtual asset wallets related to money laundering crimes. We look forward to further working with them on implementing the best AML tools and standards”.
Coinfirm’s blockchain-agnostic AML & Analytics Platform has the largest blockchain asset and protocol coverage on the market and is used by leading companies around the world, ranging from blockchain protocols to major financial institutions and cryptocurrency exchanges. Having gained significant traction as the go-to provider for digital asset compliance and analytics, in addition to Binance Coinfirm’s existing clients and partners also include the likes of the largest bank in Central Europe, PKO BP; XRP, RSK, Xapo; and the Government of Gibraltar.
Coinfirm’s CEO Pawel Kuskowski, added, “We are encouraged to be furthering our collaboration with Binance and continuing to choose Coinfirm to provide AML and compliance solutions across their operations globally. Binance and Coinfirm working together has been a positive push towards the advancement of the blockchain market and its adoption”.
As Coinfirm applies their 200+ proprietary algorithms and almost 300 risk assessment scenarios across the exchange, they will be working with Binance KR on further collaborative progress. Since the opening of the exchange, Binance KR has continued its security-enhancing activities such as joining the DID ecosystem, joining MyID Alliance, protecting customer assets, applying the SAFU fund formally, financial compliance agencies, and introducing an Octa Solution system.