One of the world’s leading crypto exchanges, Binance, has partnered with IdentityMind to bolster its compliance and data security measures.
Binance is currently building a vast ecosystem and already has its own crypto exchange, labs, academy research, trust wallet, charity, and its token sale platform Binance Launchpad.
The exchange has now announced a new partnership with IdentityMind, according to an update on its site. The aim of the move is to help enhance the exchange’s compliance and data security measures as its ecosystem continues to expand.
IdentityMind is the company behind Trusted Digital Identities (TDI) and offers a platform for risk management and compliance automation.
It helps companies reduce client onboarding fraud and transaction fraud while improving anti-money laundering (AML), sanctions screening, and know-your-customer (KYC) services.
The partnership is part of a “joint mission to help raise the industry’s standard”.
Binance and IdentityMind have begun undertaking steps to improve existing data protection and compliance measures for Binance’s global operations.
Samuel Lim, chief compliance officer at Binance, commented: “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.”
The announcement states that IdentityMind’s risk and compliance platform is the “only real-time onboarding, transaction monitoring, and case management solution built for digital currency exchanges”.
Garret Gafke, president and CEO at IdentityMind, stated: “With Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market.
“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.”
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