Binance will use the identification …

Binance will use the identification …

Binance will use the identification solution of the American company Refinitiv

Cryptocurrency exchange Binance is using user identification software from the US company Refinitiv, which has a capitalization of $ 26.4 billion and has 40,000 customers, as well as over 400,000 end users in 190 countries. This is stated in a press release on the Refinitiv website..

According to the company, whose main shareholder is Blackstone Group, and the minority is Thomson Reuters, the cooperation will allow Binance to integrate an advanced software called “World-Check” into its internal workflow and thereby streamline the procedure for accepting and identifying clients, as well as checking the risks associated with third parties.

Binance CFO Wei Zhou said, “As our business grows globally, we also continue to build our compliance capabilities by partnering with recognized leaders in KYC solutions in the market. Compliance with current standards to combat money laundering in the fiat world and the use of advanced third-party transaction monitoring tools, as well as our own tools will help us build trust with regulators and financial institutions. “.

“We are proud to partner with Binance to provide KYC solutions for the cryptocurrency world. Increased regulation in the cryptocurrency market has led exchanges to implement KYC programs in order to comply with anti-money laundering legislation. Over the past several years, regulators have been working to ensure that anyone who transacts between cryptocurrencies and fiat goes through the same KYC procedures as clients of traditional banks, “Nadeem, Managing Director for the Middle East and Africa at Refinitiv, commented on the news. Najar.

Binance will use the identification ...

World-Check collects information from “authoritative sources” in 200 countries and “has been stress tested with over 100 regulators and financial institutions”.

In October, it became known that Binance is integrating Chainalysis’s AML tools.

Binance will use the identification ...

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