Crypto Exchange Binance Announces Compliance-Strengthening Partnership

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The world’s largest crypto exchange by trading volume has announced a partnership with a blockchain security company. Binance’s decision to team up with the Silicon Valley-based blockchain forensics firm CipherTrace is hoped to make the trading venue better equipped to remain complaint with regulations.Being a largely unregulated industry, digital currency exchanges such as Binance are keen to make the process of complying to eventual regulations as smooth as possible. Such a partnership with CipherTrace should allow the exchange to abide by existing anti-money laundering rules, as well as whatever crypto-specific legislation is set to be introduced in the future.Binance Committed to Crypto ComplianceAccording to a press release released today, Malta-based crypto exchange giant Binance will partner with blockchain forensics and monitoring firm CipherTrace to help the exchange remain compliant with existing and forthcoming financial regulations.The hope is that exchange will be able to stay ahead of regulatory changes with guidance and data from CypherTrace. Such a commitment to compliance should also help to cement the trading venue’s position at the top of the cryptocurrency exchange business, since it will likely inspire even greater trust in the platform than previously seen.The Chief Compliance Officer at Binance, Samuel Lim, had the following