IdentityMind has formed a partnership with cryptocurrency exchange platform Binance to fortify its compliance and data security measures.
Working together, the companies will look to increase the cryptocurrency industry’s standard by improving existing data protection and compliance measures.
The IdentityMind platform enables digital currency exchanges to to comply with KYC and AML regulations around the world. It offers them real-time onboarding transaction monitoring and case management solutions.
Last year, Binance formed a deal with Refinitive to access improved KYC tools in order to streamline screening processes for onboarding, KYC and third-party risk due diligence.
IdentityMind President and CEO Garrett Gafke said, “With Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market.
“Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance’s global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions. We are excited to provide the necessary tools that will allow them to continue growing and serving more users around the world in a secure and compliant manner.”
IdentityMind has already made a number of partnerships this year. Earlier in the month, the RegTech company partnered with Koi Trading to supply an AML compliance solution for digital currency trading.
The company was also recently chosen by Mexican FinTech MO Tecnologías to automate its secure onboarding.
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