Binance Partner with IdentifyMind for Enhanced Compliance & Security

 Binance has partnered with Medici Ventures’ portfolio organization IdentityMind, a risk management and regulatory-era compliance platform, in a bid to enhance its fraud protection and compliance protocols.


The groups announced the deal on March 26, 2019, calling it “a joint mission to assist boost the enterprise’s preferred.”


Based in 2014, IdentityMind gives anti-cash laundering services, fraud protection and due diligence solutions for banks and other financial institutions. The corporation’s platform works through tracking economic transactions and assessing the electronic identities of users to discover behaviors or attributes that could sign a monetary compliance or fraud issue. It additionally enables clients compare the economic reputations and reliability of businesses they are looking for to work with.


It's miles one in every of numerous corporations within the portfolio of Medici Ventures, a subsidiary of Overstock.Com that invests in blockchain-focused corporations.


So, evidently, Binance Login isn't new to the crypto industry. In 2015, the organisation delivered a service to assist corporation’s remains in compliance with the big apple country’s Bit License framework. Most effective a handful of businesses ever acquired approval from big apple state to perform below the phrases of Bit License, however the framework, which stays in vicinity these days, became however important as an early attempt by means of government authorities to regulate Bitcoin and different cryptocurrencies.


The Binance partnership extends IdentityMind’s operations into a zone of the crypto industry where it stands to make a larger effect: cryptocurrency exchanges. Binance Exchange Login, which helps more than 100 cryptocurrencies, is currently the most important trade within the global in terms of quantity traded.


By way of partnering with identity mind to provide better security and compliance solutions, Binance seems eager to set itself aside from different exchanges and provide warranty to customers concerned about fraud or theft.


“The partnership among Binance and IdentityMind in addition strengthens our compliance abilties and our commitment to re-make investments in the blockchain ecosystem and grow it,” Samuel Lim, chief compliance officer of Binance Login, said inside the release.


Up to now, the agencies have revealed few details about how, exactly, IdentityMind’s services are being integrated with Binance. It’s also doubtful whether the number one purpose of the partnership is to assist Binance meet its own security and compliance obligations, or to help Binance customers with that purpose.


However, given the frequency of stories about fraud inside the crypto industry, in addition to the lingering association of crypto with illicit sports like cash laundering in lots of peoples’ minds, any flow to reinforce safety and compliance through Binance will possibly give it a leg up within the especially aggressive world of crypto exchanges.


Location: United States

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