Binance Initiates New Security Measures

 

For some time, the world of digital currencies did manage to avoid cyber criminals attacking it. However, it finally succumbed to cunning mindsets. This prompted Bitql networks to rethink their security measures. One amongst them is the world-famous Binance company.

Here are some of the steps that they have taken.

Binance

Appointing a New Head of Global Head of Sanctions

Chagri Povraz had been Binance’s Director of Sanctions Compliance. Today, he is the Global Head of Sanctions, via a promotion. This was Binance’s first step!

Povraz is highly knowledgeable in handling risk management, compliance, intergovernmental liaison, and strategy. He has 17+ years of experience behind him, too! He is well versed with diverse technologies, sophisticated techniques, innovative programming, etc., which has helped him to deal with all kinds of tasks. Therefore, Binance appointed him to a position, where his talents would prove most advantageous for the company.

Povraz himself expressed his commitment towards setting up an industry-leading compliance program.

Partnering with Neterium and Kharon

Two well-known companies, Kharon and Neterium, have partnered with Binance.

Binance’s choice has been well-thought out, for the companies have something highly beneficial to offer. For instance, Kharon is keen to offer data and analytic tools to Binance. According to Howard Mendelson, the Chief Client Officer, platforms dealing with digital currencies required high-class security measures. Otherwise, the crypto-based ecosystems would face tremendous risks. Thus, his company would assist in expanding regulatory measures and lending support to Binance’s compliance programs, thereby reducing risks.

Similarly, Neterium is happy to help Binance with its complex use cases. Furthermore, the company promises an excellent level of scalability. According to the Chief Commercial Officer, Florence Vicentini, his company had the perfect APIs, which would help Binance’s compliance processes to perform magnificently. They would also award greater flexibility.

To sum up, Binance would be able to utilize everything that Kharon and Neterium had to offer, for meeting global regulations and confronting risks with courage.

Ensuring the Setting Up of Sanctions Screening Service

The term, sanction, refers to measures that the world takes against a country that has broken international laws. These sanctions relate to restrictions placed on official contact with one another, and carrying on of trading activities. With a sanction screening service in place, it becomes possible for nations to discover financial crimes, if any. Next, it helps in complying with KYC/AML regulations.

Since the sanctions screening service is ongoing and regular, newer lists come to the fore every day. The authorities even bring sanction screening software into play, for helping with searching and questioning.

Now, such a service is not applicable to nations alone. It is even more critical for businesses, since they must comply with regulations. Additionally, businesses need protection too, against individual criminals, illegal entities, and sanctioned companies.

There is no guarantee that they may, knowingly/unknowingly, become involved in financing of terrorist organizations, money laundering, technologically-committed financial crimes, etc. Therefore, businesses must be careful. It is why Binance has taken sanctions screening service as a serious security measure.

Binance.us

Ensuring Sanctions Compliance

Binance company is spread across the globe. Therefore, merely keeping an eye on individual entitities and companies facing sanctions, will not suffice. There must be an in-depth investigation regarding data via the perfect screening technology. Otherwise, Binance could be spending resources unnecessarily, in the name of compliance. It could also be ignoring actions inducing fines, and get into financial traps.

Therefore, the only way to avoid the risks posed by illicit transactions with cryptocurrencies, was to partner with Kharon and Neterium. The former will ensure the analysis of every bit of important data. The latter will provide cloud-native screening tools.

Kharon’s data will enter Binance’s screening environment, for discovering illicit transfers, if any. This way, Binance cryptocurrency exchange will be able to handle the Know-Your-Customer protocols better. In turn, the sanctions screening service will receive a boost!

With novel data solutions in hand, Binance company will also be able to find the ‘villains’ behind illegal transfers of digital currencies. After all, the company cannot afford to take risks!

· The average trading volume crosses $24 billion, prompting it to develop a first-class compliance program. Thus, advanced KYC protocols, sanctions solutions, risk-deducting tools, etc., are all part of its security measures.If you are Looking for the best Bitcoin trader.

About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin20,193 0.08 % 2.44 % 0.44 %
Ethereum1,146.2 0.54 % 1.79 % 0.23 %
Tether1.000 0.02 % 0.01 % 0.01 %
USD Coin1.000 0.04 % 0.27 % 0.08 %
BNB237.14 0.96 % 3.99 % 4.46 %
Binance USD1.001 0.06 % 0.03 % 0.08 %
XRP0.3242 0.11 % 1.25 % 3.92 %
Cardano0.4600 0.57 % 1.04 % 2.17 %
Solana36.40 0.40 % 5.55 % 3.04 %
Dogecoin0.06764 0.20 % 1.24 % 2.48 %

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binance-usd
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xrp
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cardano
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solana
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dogecoin
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