Binance Teams up With Chainalysis to Address Money Laundering

Binance and Chainalysis have formed a partnership in a bid to provide a solution in the fight against money laundering involving cryptocurrency.

articleStartImage

The world’s largest digital currency exchange operator, Binance, has teamed up with cryptocurrency investigation and compliance solutions Chainalysis to help address the challenges of money laundering in the cryptocurrency space and provide a solution for market regulators and financial institutions.

Chainalysis COO and co-founder Jonathan Levin said in a statement:

“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.”

He explained that the company’s generically developed compliance software, Chainalysis KYT (Know Your Transaction), remains the only available provider of real-time transaction monitoring capability for the digital space.

He added that KYT analyzes patterns, millions of open source references, and proprietary algorithms to categorize and identify countless of digital currency services to provide live alerts on suspected fraudulent activities or transactions in the virtual currency space.

“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally while adhering to regulatory mandates in the countries we serve,” added Binance CFO Wei Zhou.

In a joint statement, both Binance and Chainzilla described the software as the “best-in-class” solution that enhances the ability of financial firms and digital asset businesses to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, while at the same time making it easier for cryptocurrency-involved companies to open bank accounts.

An investigation conducted by the Wall Street Journal has found that an estimated $88.6 million had been laundered by criminals using 46 cryptocurrency exchanges. The report added that at least $9 million of the illegally obtained funds were coursed through Swiss-based cryptocurrency trading platform ShapeShift.

The head of the Financial Action Task Force (FATF) announced in September FATF would release a global standard on cryptocurrency anti-money laundering this month. FATF president Marshall Billingslea is confident that a worldwide standard will be ready when the group meets again.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 59,545.00
ethereum
Ethereum (ETH) $ 4,025.72
binance-coin
Binance Coin (BNB) $ 455.90
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 1.95
solana
Solana (SOL) $ 190.29
xrp
XRP (XRP) $ 1.02
polkadot
Polkadot (DOT) $ 41.28
shiba-inu
Shiba Inu (SHIB) $ 0.000073
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 59,545.00
ethereumEthereum (ETH)
$ 4,025.72
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 561.21
litecoinLitecoin (LTC)
$ 185.59
bitcoinBitcoin (BTC)
51.316,42
ethereumEthereum (ETH)
3.469,40
tetherTether (USDT)
0,861809
bitcoin-cashBitcoin Cash (BCH)
483,66
litecoinLitecoin (LTC)
159,94
bitcoinBitcoin (BTC)
43,240.69
ethereumEthereum (ETH)
2,923.42
tetherTether (USDT)
0.726185
bitcoin-cashBitcoin Cash (BCH)
407.54
litecoinLitecoin (LTC)
134.77

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin58,923 0.89 % 5.70 % 8.67 %
Ethereum3,987.2 0.67 % 7.05 % 2.64 %
Binance Coin452.66 0.79 % 7.19 % 7.35 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano1.940 1.29 % 11.25 % 8.33 %
Solana188.39 1.28 % 9.31 % 20.46 %
XRP1.010 1.76 % 10.27 % 7.46 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Shiba Inu0.00007500 3.56 % 55.43 % 166.45 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 59,545.00
ethereum
Ethereum (ETH) $ 4,025.72
binance-coin
Binance Coin (BNB) $ 455.90
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 1.95
solana
Solana (SOL) $ 190.29
xrp
XRP (XRP) $ 1.02
polkadot
Polkadot (DOT) $ 41.28
shiba-inu
Shiba Inu (SHIB) $ 0.000073
usd-coin
USD Coin (USDC) $ 1.00