RATE Group | Binance Integrates Coinfirm’s AML Platform to Comply With FATF Rules
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Binance Integrates Coinfirm’s AML Platform to Comply With FATF Rules

03 Oct Binance Integrates Coinfirm’s AML Platform to Comply With FATF Rules

Posted at 20:25h in Cryptocurrency News by

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Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance.

New platform for FATF compliance

The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML rules issued by the Financial Action Task Force (FATF), according to a press release published on Oct. 3.

The new measures set up by the FATF require that cryptocurrency operators establish the identity behind crypto funds senders and recipients, conduct proper due diligence to ensure they are not engaging in illicit activity, and develop risk-based programs, among others.

Binance will deploy Coinfirm’s products to assess and analyze AML risk in regards to more than 1,200 digital currencies, tokens and diverse blockchain offered on its trading platform.

FATF shakes up the crypto industry

As previously reported, crypto market aggregator CoinGecko joined the network of Coinfirm in…

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