Blockchain security company CipherTrace and Binance, the largest cryptocurrency exchange by trading volume and users, today announced their partnership to enhance the exchange’s robust anti-money laundering (AML) compliance program. CipherTrace will raise Binance’s compliance standards in line with a worldwide progression of cryptocurrency regulations and developing frameworks.
“The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions,” said Samuel Lim, Chief Compliance Officer of Binance. “This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”
CipherTrace, also serving regulators, financial institutions and auditors around the world, now hopes to empower Binance and its market to further ensure trust and security in the broader industry.
"As one of the most trusted cryptocurrency exchanges on the globe, Binance is leading the way in AML compliance programs for the industry,” said Dave Jevans, CEO of CipherTrace. “With regulators in the world’s most progressive jurisdictions that encourage innovation also using CipherTrace to assess and monitor risks of licensed cryptocurrency businesses, we are looking forward to helping the crypto economy grow by raising the level of transparency and trust in the overall market. We expect many others to follow Binance’s lead and are excited to help pave the path.”
CipherTrace develops cryptocurrency Anti-Money Laundering, cryptocurrency forensics, blockchain threat intelligence and regulatory monitoring solutions. Leading exchanges, banks, investigators, regulators and digital asset businesses use CipherTrace to trace transaction flows and comply with regulatory anti-money laundering requirements, fostering trust in the cryptocurrency economy. Its quarterly CipherTrace Cryptocurrency Anti-Money Laundering Report has become an authoritative industry data source.
CipherTrace was founded in 2015 by experienced Silicon Valley entrepreneurs with deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies. The U.S. Department of Homeland Security (DHS) Science and Technology (S&T) and DARPA initially funded CipherTrace, and it is backed by leading Silicon Valley venture capital investors. For more information, visit: www.ciphertrace.com and follow them on Twitter and LinkedIn.
Binance is a blockchain ecosystem comprised of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity.
Binance Exchange is the leading global cryptocurrency exchange, with users from over 190 countries and regions. Capable of processing more than 1.4 million orders per second, Binance is the largest crypto exchange by trade volume and one of the fastest in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike. For more information, visit: https://www.binance.com.