Cryptocurrency exchange Binance has partnered with blockchain monitoring solutions provider Elliptic to boost its regulatory compliance as part of its international expansion, industry news outlet CoinDesk reported May 2.
As part of plans to ensure smooth operations in new countries with varying regulations on cryptocurrency, Binance will use Elliptic to ensure it can comply with various demands from authorities.
Specifically, CoinDesk references Binance’s chief compliance officer Samuel Lim as saying that the latest deal will focus on Anti-Money Laundering (AML).
“The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions,” Lim said at the time. He continued:
“This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”
The deal followed yet another compliance-based move from Binance in March, which involved risk management startup IdentityMind.