The leading cryptocurrency exchange Binance announced on Thursday, April 11th, a partnership with the cybersecurity company and analytics of the blockchain-based networks CipherTrace. As stated by the exchange, cooperation is aimed at strengthening the program on compliance with the laws on combating money laundering (AML).
#Binance Partners with @CipherTrace to Further Strengthen Compliance Culture https://t.co/ojs764orxh
– Binance (@binance) April 11, 2019
As Binance regulatory compliance director Samuel Lin says, choosing CipherTrace as a provider of security solutions will increase trust in users, regulators, and financial institutions.
“This partnership will strengthen our AML compliance program and help us reach new markets,” he added.
CipherTrace uses machine learning to de-anonymize transactions in blockchains and control cash flow. The company's products are already used by governments, regulators, law enforcement agencies and auditors engaged in the fight against money laundering and tracking of criminal activities.
“We are committed to helping the cryptocurrency industry grow by increasing the level of transparency and trust in the market as a whole. We expect other companies to follow Binance’s example, and we’ll be happy to help them with that, ” said Dave Dzhevans, CipherTrace CEO.
In February 2019, CipherTrace raised $ 15 million in funding from Galaxy Digital Mike Novograc and several other investors.
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