Binance Korea deploys anti-money laundering tools from Regtech Coinfirm


South Korean cryptocurrency exchange Binance is currently working with blockchain analytics startup Coinfirm to ensure better anti-money laundering (AML) compliance.

The expanded partnership, announced Tuesday, will see Coinfirm's AML solution integrated with Binance Korea services, on Binance Cloud - a platform to launch digital asset exchanges. The platform was opened in April to allow the Binance digital asset trading infrastructure, rebranded with smaller exchanges for their local markets.

Coinfirm has one of the most advanced data analytics and data systems on virtual asset wallets related to money laundering crime. We look forward to working with them in implementing the best AML tools and standards, '' Ja Jaewon Baek, Binance Korea 's money laundering report officer, said in a press release.

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According to Coinfirm's data, AML and analytics platform designed to support compliance efforts, monitoring cryptocurrency transactions and addresses across approximately 1,400 assets and blockchain protocols, according to the main data. it. Products are used by companies ranging from financial institutions to cryptocurrency exchanges.

The global Binance organization announced its initial AML partnership with Coinfirm in 2019 to address international anti-money laundering guidelines issued by the Financial Action Task Force (FATF) last year. Binance Korea was launched in November 2019, after months of showing that the exchange is looking to set up stores across the country.

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Binance has other local entities in Singapore, Jersey and Uganda, as well as a partner company in the United States.