Exchanges

27/03/19 06:51 UTC-4

Binance cooperates with IdentityMind to improve regulatory compliance on the exchange

Today, Binance announced in its blog that it has entered into a partnership agreement with the venture unit of the Overstock Medici Ventures IdentityMind online retailer in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details
to increase compliance with regulatory standards. The company plans to expand the work of "know your customer" (KYC) and anti-money laundering (AML) on the exchange.

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Partnership purpose

The goal of this partnership is to bring Binance to the maximum possible degree of compliance with the regulations on the maximum possible number of markets.

Automating matching protocols is what IdentityMind does. Samuel Lim, Director of Binance Regulatory Compliance, said: "The partnership between Binance and IdentityMind further strengthens our ability to ensure compliance and our desire to reinvest in the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
ecosystem and develop it. We continue to develop and improve security systems, adhering to regulatory mandates in the countries in which we operate. The goal is to build trust among financial institutions around the world."

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Collaboration of the Binance with IdentityMind in order to develop regulatory standards on the exchange. Many governments have adopted some form of regulation regarding the crypto and the KYC/AML practices. It is believed that these protocols should be applied to ensure client safety and prevent the financing of terrorism.

Editor: Yulia Krasnaya

See also: "What is when no luck? 3 epic failures on the crypto-exchange in the last month"

#Binance #IdentityMind #exchange

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