Binance Korea Employs Coinfirm-developed Solution for AML Compliance

By Warren Hayes | June 2, 2020

Binance Korea will reportedly be employing Coinfirm-designed Anti-Money Laundering tool, to supervise activities across its platform. 

Specifically, the initiative is reportedly the response to stay compliant with the Financial Action Task Force’s Travel Rule in the region for crypto. The solution will reportedly assist Binance in identifying money laundering cases. 

Previously, Binance has finalized the integration process of Coinfirm’s tool on its primary platform in October last year. However, a minimal compliance burden is reportedly often maintained whenever the primary Binance platform sets to launch its operation in nations that do not support this approach, nominally the US. 

This initiative is reportedly the first time ever Coinfirm’s compliance solution is integrated across a nationwide Binance platform, occurring 2 months following the platform’s release. 

The reaction from Binance’s clients to the Coinfirm integration is reportedly still a question with no answer yet. 

Grant Blaisdell – one of Coinfirm’s co-founders – reportedly revealed that the suite offers supervision in a real-time manner, which can function as a basis in freezing some specific funds, nominally the ones that have been attacked. 

“At the end of the day it’s up to Binance’s compliance team what they do action wise with the data and results they’re provided.“

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