Binance Partners with IdentityMind to Bolster its KYC and AML Measures

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Binance, the world’s largest cryptocurrency exchange by trade volume has entered into a partnership with risk management and data security firm IdentityMind, reports Forbes, March 26, 2019.

Binance Ups its Security Game

Per sources close to the matter, IdentityMind will provide its Know Your Customer (KYC) and Anti-Money Laundering (AML) services to Binance to strengthen its security mechanism.

Binance blog post states that the two companies have come together to raise the security standards of the cryptocurrency industry. Both the firms will work in unison to improve the exchange’s existing data protection and compliance measures on a global scale.

Currently, Binance’s users come from more than 190 countries and regions all over the world.

Samuel Lim, Chief Compliance Officer of Binance, said:

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

According to Binance’s blog post, IndentityMind’s compliance and risk platform is the world’s only real-time onboarding, transaction monitoring, and case management solution developed specifically keeping in mind the unique requirements of cryptocurrency exchange platforms.

Garrett Gafke, President and CEO of IdentityMind, stated that Binance’s high trade volumes and its rapidly increasing global business operations make its compliance requirements  all the more important, especially in a market that is as dynamic as the cryptocurrency market.

He added:

Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance’s global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions. We are excited to provide the necessary tools that will allow them to continue growing and serving more users around the world in a secure and compliant manner.

Recent Events Necessitate Robust Security Infrastructure

Unfortunate events such as crypto exchange hacks, and 51 percent attacks are not unheard of in the cryptocurrency industry.

On January 16, 2019, New Zealand-based exchange platform Cryptopia fell victim to a hack attack which resulted in the loss of a significant amount of digital currencies.

Similarly, Singapore’s trading platform DragonEX got compromised on March 25, 2019.

Seeing the fairly frequent occurrence of such attacks, it becomes imperative for an exchange as large as Binance to keep its security as tight as possible.

It would seem that the exchange is well aware of the risks associated with a hack attack, which reflects in its recent partnerships with security firms Chainalysis and Refinitiv.

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