Global crypto exchange Binance announces new partnerships with tech companies to strengthen its know-your-customer (KYC) checks and enforcement of sanctions.
According to a new press release, Binance is partnering with data security and analytics firm Kharon and filtering provider Neterium to prevent illegal activities by malicious actors and sanctioned entities.
“Through this partnership, Binance is using Kharon’s industry-leading data and analytics platform to enhance its sanctions screening and broader KYC checks.
Kharon’s data will be delivered to Binance’s transaction screening environment in partnership with Neterium.
The collaboration contributed to the further development of data solutions dedicated to improving the capabilities of cryptocurrency trading platforms to detect and prevent the activities of illicit actors.
According to the press release, Binance’s new partnerships allow the crypto exchange to improve its service while addressing risk and regulatory requirements.
KYC guidelines are regulations that require financial entities to verify the identity of their customers for anti-money laundering purposes.
Says Chagri Poyraz, Global Head of Sanctions at Binance,
“As we continue to maintain and build the world’s largest cryptocurrency exchange, we are committed to implementing an industry-leading compliance program. Working with Kharon and Neterium allows us to leverage Kharon’s best data with Neterium’s innovative technology to address our risks.
In April, Binance agreed to close Russian accounts worth more than €10,000 in accordance with a fifth wave of sanctions imposed on Russia by the European Union (EU) for waging war once morest Ukraine.
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