The world's largest crypto-exchange in terms of trading volume, Binance is working with a software provider, Chainalysis, to implement the compliance control tool.
As part of the partnership, Chainalysis will provide crypto – exchange to its decision to “know your transaction” (Chainalysis KYT), which allows you to monitor cryptocurrency transactions in real time. The tool helps to track suspicious or potentially illegal activities by ensuring compliance with the KYC and AML procedures.
As Binance Chief Financial Officer Wei Zhou noted, the company hopes that this step will inspire the crypto industry to take serious measures to combat money laundering and the financing of terrorism.
“The ultimate goal of our partnership with Chainalysis is to create a blockchain ecosystem where everyone feels safe. we believe that the fight against money laundering will be joint and active , ”said chou.
Co-founder and COO of Chainalysis, Jonathan Levin, in a company press release , expressed the hope that:
“Many will follow Binance’s example in developing world-class AML compliance programs that meet regulatory requirements and provide trust with major financial institutions.”
Earlier, the results of a study of the Blockchain Transparency Institute group showed that two thirds of the world's leading cryptocurrency exchanges are involved in laundering illegally obtained money.
