Binance, IdentityMind partner to faciliate KYC and AML

Wednesday 27 March 2019 11:37 CET | News

Binance has partnered with risk management and compliance company IdentityMind to faciliate the KYC and AML practices on the exchange.

Through this collaboration, the goal is to bring Binance into as high a degree of compliance with regulations in as many markets as possible. As automating compliance protocols is essentially what IdentityMind does, the company will help Binance to strengthen their compliance capabilities and commitment to re-invest in the blockchain ecosystem. Binance’s aim is to facilitate the security systems, while adhering to regulatory mandates in the countries they operate in, and foster greater trust among financial institutions worldwide.

As many governments have adopted some form of regulation concerning crypto and KYC/AML practices, Binance is simply trying to stay in the head of the pack be proactively automating this system. However, at this point, it is unclear what or if changes are to be expected.

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Keywords: Binance, partnership, IdentityMind, KYC, AML, exchange, risk management, compliance
Countries: World