Binance Enhances Security Measures With Sanctions Screening

Binance enhances security measures with tools such as sanctions screening and KYC protocols as we can see more today In our latest Binance news.

To ensure the sanctions compliance and to save the platform from risks posed by fraudulent transacting of crypto, the exchange partnered with two companies including screening providers Neterium and Kharon. As the announcements show, the partnership aims to bolster the KYC protocols on the exchange and improve sanction screening. In the effort to detect illegal transfers, Neterium will transfer data the data of Kharon into the Binance Screening environment. Binance enhances security measures and as per the announcement, the partnership aims to bolster the exchange’s KYC protocols and to improve the sanctions screening so in this effort, Neterium will work to transfer Kharon’s data in the Binance screening environment.

The move will promote the deployment of new data solutions to enhance the trading platform capabilities to identify the illicit movements of crypto funds. The global Head of Sanctions at Binance, Chagrin Poyraz noted:

“As we continue to maintain and build the world’s largest cryptocurrency exchange, we are committed to building an industry-leading compliance program. Working with Kharon and Neterium allows us to leverage Kharon’s best-in-class data with Neterium’s innovative technology to address our risk.”

With a $24 billion average daily trading volume, the crypto exchange became the first platform to develop such a program by launching KYC risk and sanctions solutions. Utilizing these technologies builds trust in exchange screening activities and by meeting the regulatory requirements and addressing the increased risk and Binance expands its services worldwide. In an interview with Bloomberg, the EU imposed sanctions in the Russia-Ukraine conflict on the exchanges with the founder refusing to call for restricting “normal people” but a month later, Binance followed suit and limited the users from Russia after the country’s attack on Ukraine.

Russians were restricted to withdrawal mode who hold crypto worth about 10,000 EUR. Chief Client Officer at Kharon, Howard Mendelsohn, the crypto platforms need more security considering the posed risks in the crypto ecosystem and added:

“Virtual asset service providers require the highest quality data and technology to support their compliance programs. Partnering with Binance to provide data and analytic tools is a critical development to address expanding regulatory expectations and mitigate risk.”

Florence Vicentini, the Chief Commercial Officer at Neterium technology and noted that the company required capabilities to solve the complex use-cases of the type adding:

“ We are delighted to partner with Binance as Neterium specializes in very high scalability and high complexity use cases. Binance’s demanding compliance processes precisely require the level of performance and flexibility that our APIs were designed to offer.”

The exchange ended up in hot waters with the regulators as it was alleged to be unable to register for more services licenses in most jurisdictions however now, it seems to have paved the way for legal approvals.