HomeBlockchainRegulationBinance adopts Coinfirm to comply with AML regulations

Binance adopts Coinfirm to comply with AML regulations

Binance, one of the world’s most famous exchanges, has announced its partnership with Coinfirm, an international technology and regulatory company. The aim is to address and follow the recently issued AML guidelines of the Financial Action Task Force (FATF).

Binance, after delisting a few cryptocurrencies a few days ago, will integrate Coinfirm’s technology into its exchange to ensure secure trading for its customers.

Coinfirm is a global leader in AML (Anti Money Laundering) and risk analytics for blockchain and cryptocurrencies. AML solutions are used by more than 140 clients worldwide, ranging from cryptocurrency exchanges to major financial institutions.

The real-time analysis of Coinfirm’s risk score and alert system will help Binance regulate and combat money laundering attempts. It will also enable the exchange to quickly make decisions about abnormal transactions.

Pawel Kuskowski, co-founder and CEO of Coinfirm, said:

“We’re excited to be working with an industry leader like Binance to boost its AML and risk analysis capabilities with our proprietary technology. With Binance’s focus on providing the best user experience while attaining the highest AML and security standards, this partnership marks another step forward in their leadership on the market”.

Samuel Lim, Chief Compliance Officer of Binance, said:

“With new and more expansive AML and regulatory standards being put in place across the globe and governmental bodies such as the FATF placing new rules on the market in order to ensure sustainable growth of the market, we are looking forward to our collaboration with Coinfirm. We trust that Coinfirm and its leading solutions will help us and the industry evolve in a fast-changing and developing market while allowing for comprehensive and institutional growth in a compliant and safe manner”.