Binance Korea will be monitoring activity on its platform for signs of money laundering based on a solution developed by Coinfirm.
On June 1 an announcement was made stating that will help Binance Korea remain compliant with Anti-Money Laundering (AML) regulations from the Financial Action Task Force’s Travel Rule.
Coinfirm provides a blockchain-agnostic AML platform offered to various institutions dealing with cryptocurrencies.
Coinfirm’s previous clients included European banks, blockchain projects such as XRP and RSK, custodians such as Xapo as well as the government of Gibraltar.
Meanwhile, Binance had already integrated Coinfirm’s solution on its main platform back in October. The main Binance platform generally maintains a minimal compliance burden.
The exchange prefers to open distinct branches in countries where this approach may not work, such as the United States.
This is the first usage of Coinfirm’s compliance solution on a national Binance platform.
It is unclear how the Coinfirm integration will be felt by the exchange’s end users.
Grant Blaisdell, a co-founder of Coinfirm said that the suite allows for real-time monitoring, which can be used as a basis to block certain funds, such as those coming from hacks.
Blaisdell added:
“At the end of the day it’s up to Binance’s compliance team what they do action wise with the data and results they’re provided.”
Source: Cointelegraph | Image: Unsplash
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