Binance (BNB), the world’s number one cryptocurrency exchange by 24-hour trading volume has joined forces with Refinitiv, a U.S-based financial technology firm, to integrate the latter’s “World-Check” know-your-customer (KYC) software into its trading platform, reported Finance Magnates on November 20, 2018.
Binance Integrates Refinitiv’s “World-Check” for KYC
In a bid to become more regulatory compliant and curb the activities of bad actors on its platform, Binance crypto exchange and bitcoin trading venue is integrating Refinitiv’s “World-Check” software for its know-your-customer operations.
Per the team, World-Check uses information from authoritative sources in 200 countries to verify people’s data and has reportedly been “stress tested with over 100 regulators and financial institutions” across the globe.
Although Satoshi Nakamoto invented Bitcoin with a picture of an entirely decentralized monetary system devoid of government and regulators intervention in mind, the widespread activities of crypto-criminals has made regulation critical to the survival of the crypto-space.
With its presence steadily growing in various parts of the globe including Uganda, Malta, and others, the Changpeng Zhao led cryptocurrency exchange has started paying more attention to regulatory compliance.
Binance Determined To Build Trust with Regulators
Originally established in Beijing, China, via a successful initial coin offering (ICO ) in 2017, Binance moved to Japan before China’s crackdown on all-things crypto. A major fallout with the country’s financial watchdog prompted it to expand operations to more crypto-friendly jurisdictions.
Commenting on the integration of the new KYC system, Binance CFO, Wei Zhou reiterated that the move is targeted at building trust with the regulators and financial institutions. He stated:
“In line with the existing Anti-Money Laundering (AML) standards in the traditional finance world and incorporating advanced third-party transaction monitoring tools, as well as our customised software, will ultimately help us build trust with regulators and financial institutions.“
The firm specializes in the development of data analytics tools, risk assessment, KYC software and more.
“Increasing regulations in the crypto ecosystem has led exchanges to establish KYC programs to comply with AML regulations,” said Refinitiv’s Managing Director for the Middle East and Africa, Nadim Najjar.
Earlier in October 2018, BTCManager informed that Binance had partnered with Chainalysis to use crypto compliance tools in fighting against money laundering.