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Binance Korea Deploys Anti-Money Laundering Tool from Regtech Company Coinfirm
Blockchain analytics provider Coinfirm will help Binance Korea better comply with anti-money laundering rules.
Updated Apr 10, 2024, 2:18 a.m. Published Jun 3, 2020, 2:49 p.m.
Binance's Korean crypto trading arm is now working with blockchain analytics startup Coinfirm to better ensure anti-money laundering (AML) compliance.
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The extended partnership, announced Tuesday, will see Coinfirm's AML solution integrated with Binance Korea's services on Binance Cloud – a platform for launching digital asset exchanges. The platform opened in April to allow Binance's digital asset trading infrastructure to be rebranded by smaller exchanges for their local markets.
"Coinfirm has one of the most advanced analytics systems and data on virtual asset wallets related to money laundering crimes. We look forward to further working with them on implementing the best AML tools and standards,” Jaewon Baek, Binance Korea's money laundering reporting officer, said in a press release.
Read more: Binance Quashes Upbit Hackers’ Attempt to Launder Stolen Funds
Coinfirm’s AML and analytics platform is designed to assist compliance efforts, monitoring transactions and crypto addresses across around 1,400 blockchain assets and protocols, according to its own figures. The product is utilized by companies ranging from financial institutions to cryptocurrency exchanges.
Binance's global entity announced its initial AML partnership with Coinfirm in 2019 to address international guidelines on anti-money laundering issued by the Financial Action Task Force (FATF) last year. Binance Korea was launched in November 2019, after months of indications that the exchange was seeking to set up shop in the nation.
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Binance has other local entities in Singapore, Jersey and Uganda, as well as a partner firm in the United States.
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