Binance adds compliance tools from Chainalysis

posted 7 months ago
Binance, the biggest cryptocurrency exchange by trading volume, is working with crypto compliance and investigation software provider Chainalysis to implement a new global compliance solution. As part of the partnership, Chainalysis will provide access to its "Know Your Transaction" compliance software, enabling the exchange to monitor cryptocurrency transactions in real-time. In particular, the tool will look for potentially criminal or otherwise illicit activity.

Binance's chief financial officer Wei Zhou said "The ultimate goal of our partnership with Chainalysis is to create an environment in blockchain where everyone feels safe... We believe the fight against money laundering to be collaborative and pro-active." Chainalysis co-founder and COO Jonathan Levin said cryptocurrency market participants "must develop greater trust in the data and technology underlying our ecosystem [in order for the overall space to advance] by working with industry leaders like Binance, we're able to mold the foundation for credible and robust markets in all jurisdictions."
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