Binance Partners With Coinfirm To Improve Its AML Compliance

The latest cryptocurrency news today show us that the major cryptocurrency exchange Binance partners with the crypto analytics startup Coinfirm, adopting its Anti Money Laundering (AML) platform in order to comply with the rules set out by the Financial Action Task Force (FATF).

As we can see, this is an integration which can streamline the compliance that Binance has with the AML rules issued by the FATF, according to a new press release that was published on October 3. The Coinfirm AML platform is known as blockchain-agnostic and perfectly aligning to the new measures set up by the FATF.

For those of you who don’t know or don’t follow our crypto news, FATF recently took new measures, requiring that cryptocurrency operators establish an identity behind crypto funds senders and recepients, conducting proper due dilligence to ensure that they are not engaging in any illicit activity. They will also develop risk-based programs, among others.

Now that Binance partners with Coinfirm, we can expect a lot of novelties. The exchange will deploy Coinfirm’s products in order to assess and analyze the AML risk in regards to more than 1,000 cryptocurrencies, tokens and diverse blockchain offered on its trading platform.

As we shared in the previous news, the crypto market aggregator CoinGecko joined the network of Coinfirm before this – in order to improve its exchange Trust Score algorithm, and provide users with means of reporting scams and hacks.

We also saw the San Francisco based tech startup Ripple (and the company behind the XRP cryptocurrency) signing an agreement with Coinfirm, agreeing to explore XRP’s compliance with the AML provisions.

Now that Binance partners with Coinfirm, it is put in direct competition with Coinbase – but also in an union against FATF’s intention to strengthen the control over the crypto exchange markets. Jeff Horowitz, who is the chief compliance officer at the exchange Coinbase, recently said:

“I get why the FATF wants to do this. But applying bank regulations to this industry could drive more people to conduct person-to-person transactions, which would result in less transparency for law enforcement.”

The partnership between Binance and Coinfirm is a major topic on many cryptocurrency news sites.