Binance to tackle FATF regulation and compliance with Coinfirm partnership
“Binance and Coinfirm announced their partnership to address the recently issued guidelines on anti-money laundering (AML) rules by the Financial Action Task Force (FATF). “
As a part of the initiative, Binance will integrate Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange, ensuring compliance to the latest FATF’s guidelines to cryptocurrency exchanges. Additionally, the exchange will also leverage Coinfirm’s real-time monitoring technology to counter money laundering efforts and take necessary step to improve the security for its user’s funds.
The blog also highlights that the real time security will be”covering more than 1,200 cryptocurrencies, tokens and diverse blockchains, such as BTC, ETH and ERC-20 tokens, as well as the only provider of the recently integrated XRP.” In this regard, Pawel Kuskowski, Co-Founder and CEO of Coinfirm said,
“With Binance’s focus on providing the best user experience while attaining the highest AML and security standards (provided by Coinfirm), this partnership marks another step forward in their leadership in the market.”
Moreover, Binance officials have pointed out that Coinfirm’s partnership will enable Binance to maintain its leading edge amidst a fast-changing and developing market while allowing for comprehensive and institutional growth in a compliant and safe manner.